A proposed investment by Bloomberry Resorts Corp – owner and operator of Manila’s Solaire Resort, Entertainment City – into troubled casino developer PH Resorts Group is edging closer to completion, the latter said this week.
Subsidiaries of PH Resorts Group are developing The Emerald Bay, an integrated resort project located in Cebu, and The Base Resort Hotel and Casino in Clark, however both projects are said to be facing financial constraints that have seen construction work grind to a halt.
The company announced in May that it had signed a term sheet with Bloomberry covering proposed investment in two of its entities – Lapulapu Leisure, Inc, which is developing Emerald Bay, and Clark Grand Leisure Corp, which is developing The Base Resort Hotel and Casino.
The term sheet remains subject to several conditions, including the execution of mutually acceptable definitive agreements, approval of regulators, approval of creditors, completion of audited financial statements, corporate approvals and cooperation on due diligence, among others.
However, providing an update this week as part of its 3Q22 results announcement, PH Resorts Group said “Due diligence is nearing completion and certain terms and conditions of the transaction, including the method of payment and timing of closing, are in the process of being finalized.”
PH Resorts Group, which reported a net loss of Php549.2 million for the nine months to 30 September 2022, was last year granted permission to suspend its Clark casino build in order to focus its resources on The Emerald Bay.
Previously scheduled to open in early 2023, Phase 1 of the resort is planned to boast 4,154 square meters of gaming floor with 600 slot machines, 122 gaming tables, a 270-room five-star hotel, five food and beverage outlets and a “partially completed 300-meter-long beach front that will be open to resort guests.”
Phase 2, planned to be completed by 2027, is expected to add another 8,210 square meters of gaming floor, 729 slot machines, 146 gaming tables, 780 five-star hotel rooms, five villas, four pools, MICE facilities and 16 food and beverage outlets.