A proposed investment by Bloomberry Resorts Corp – owner and operator of Solaire Resort in Manila, Entertainment City – in struggling casino developer PH Resorts Group is nearing 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, but both projects are said to face financial constraints which have seen construction work come to a halt .
The company announced in May that it had signed a term sheet with Bloomberry covering the 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 execution of mutually acceptable definitive agreements, regulator approvals, creditor approvals, completion of audited financial statements, corporate approvals and 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 time of closing, are being finalized. »
PH Resorts Group, which reported a net loss of 549.2 million pesos for the nine months to September 30, 2022, last year obtained permission to suspend construction of its Clark Casino to focus its resources on The Emerald Bay.
Previously scheduled to open in early 2023, Phase 1 of the complex is expected to have 4,154 square meters of gaming floor with 600 slot machines, 122 gaming tables, a 270-room five-star hotel, five food outlets and a “partially completed the 300 meter long waterfront which will be open to resort guests.
Phase 2, scheduled for completion by 2027, is expected to add an additional 8,210 square meters of gaming floor, 729 slot machines, 146 gaming tables, 780 five-star hotel rooms, five villas, four swimming pools , MICE facilities and 16 restaurants and drinks. electrical outlets.