Bloomberry Resorts Corp. is buying into Dennis Uy’s casino businesses.
The Enrique Razon- casino group has signed a term sheet with PH Travel and Leisure Corp., a unit of Uy’s listed PH Resorts Group Holdings Inc. Wednesday, for a proposed investment into entities that hold Uy’s exposures into the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu; and the The Base Resort Hotel and Casino in Clark, Pampa nga.
The investments will be poured into entities Lapulapu Leisure Inc. and Clark Grand Leisure Corp., developers of Emerald Bay Resort Hotel and Casino and The Base Resort Hotel and Casino, respectively.
Bloomberry said the term sheet is subject to conditions like 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.
“Certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized,” Bloomberry said.
PH Resorts earlier announced it was suspending its Clark project and was pushing back the completion of its Cebu casino.
The company voluntarily suspended the license for the Pampanga project.
The completion of Emerald Bay Resort Hotel and Casino was earlier announced to be moved to the first quarter of 2023, a year later than the planned first quarter of 2022.
