In the Philippines and casino operator Bloomberry Resorts Corporation has reportedly announced that it is planning to invest an undisclosed amount of cash into a subsidiary of local rival PH Resorts Group Holdings Incorporated.
According to a report from GGRAsia, the company behind the 800-room Solaire Resort and Casino declared that the ‘term sheet’ investment deal regarding the PH Travel and Leisure Corporation subordinate is now subject to ‘the execution of mutually acceptable definitive agreements’, the receipt of regulatory and corporate approvals as well as the ‘completion of audited financial statements’. The source revealed that the envisioned arrangement will moreover remain contingent on the two Manila-listed firms receiving the green light from their auditors and concluding a due diligence exercise.
Bloomberry Resorts Corporation is led by local billionaire businessman Enrique Razon and premiered its Solaire Resort and Casino complex complete with a 199,000 sq ft gaming floor in March of 2013. The Manila-headquartered enterprise is also hoping to open its new gambling-friendly Solaire North development on a 3.7-acre site adjacent to the Ayala Malls Vertis North retail complex in Quezon City before the end of next year.
For its part and PH Resorts Group Holdings Incorporated is an arm of Davao City-headquartered conglomerate Udenna Corporation, which is chaired by petrochemicals magnate Dennis Uy, and is building the $600 million Emerald Bay Resort and Casino on the central Filipino island of Mactan. This Paul Steelman-designed property is now expected to debut before next summer complete with 270 hotel rooms as well as a 44,700 sq ft casino featuring a selection of some 600 slots and 122 gaming tables authorized under a seven-year exclusivity deal.
Bloomberry Resorts Corporation reportedly disclosed its initial investment in PH Travel and Leisure Corporation is to be utilized by this latter enterprise’s Lapu Lapu Leisure Incorporated unit, which is to be in charge of running the completed Emerald Bay Resort and Casino. The operator purportedly explained that it furthermore hopes to endow its coming partner’s Clark Grand Leisure Corporation arm so as to help this entity realize its plan to bring the 400-room The Base development to eleven acres within the Philippines’ Clark Freeport Zone.
For its part and PH Resorts Group Holdings Incorporated reportedly detailed in October the Philippines Amusement and Gaming Corporation (PAGCor) regulator had approved its request to temporarily suspend the provisional gaming license for the envisioned The Base development. The operator purportedly asserted that this move would allow it ‘to ramp up and focus all efforts for the construction and development’ of its Emerald Bay Resort and Casino, which it described as ‘its flagship integrated resort and casino project’.