Bloomberry Resorts Corp, the parent company of Manila’s Solaire Resort, Entertainment City, said Wednesday it has terminated an interim agreement to acquire a stake in PH Resorts Group’s integrated resort developments in Cebu and Clark.
In a Philippine Stock Exchange filing, Bloomberry said it had decided to terminate a Term Sheet with PH Resorts Group subsidiary PH Travel and Leisure Holdings Corp, originally signed in May 2022, regarding a proposed investment in Cebu IR development Emerald Bay and The Base Resort Hotel and Casino in Clark.
This decision, Bloomberry explained, was made “after considering the results of due diligence on the target companies and the projects.”
PH Resorts Group President Raymundo Martin M Escalona described Bloomberry’s withdrawal as unfortunate but added, “This now allows both parties to pursue their own plans. This development gives PH Resorts Group the opportunity to re-enter into discussions with other parties that were previously put into the backburner due to the contemplated investment by Bloomberry.”
Bloomberry’s announcement came just hours after PH Resorts Group stated its hope that the transaction could proceed, despite local media reports that the deal was destined to be terminated.
It also throws the immediate future of Emerald Bay, which was supposed to open this year, into question with development currently stalled.
If Emerald Bay does reach completion, it will become the second major IR project to open in Cebu after NUSTAR began welcoming guests in 2022. Designed by Paul Steelman, the project 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 300-meter-long beach front for 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.
Bloomberry is due to open its second Manila IR, Solaire North, next year.
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