hotels and resorts

Enrique Razon’s Bloomberry to invest in Dennis Uy’s Cebu, Clark casinos

Ralf Rivas
Enrique Razon’s Bloomberry to invest in Dennis Uy’s Cebu, Clark casinos

PH Resorts

(1st UPDATE) Enrique Razon Jr. is set to invest in Dennis Uy's Emerald Bay Resort Hotel and Casino in Cebu and The Base Resort Hotel and Casino in Clark, Pampanga

MANILA, Philippines – Dennis Uy’s PH Travel and Leisure Holdings Corporation (PHTLC) and Enrique Razon Jr.’s Bloomberry Resorts signed a term sheet for the latter’s investments in projects in Cebu province and Clark, Pampanga.

In a stock exchange filing on Wednesday, May 11, PH Resorts, the parent company of PHTLC, said Bloomberry is investing in Emerald Bay Resort Hotel and Casino in Lapu-Lapu City, Cebu, as well as Clark Grand Leisure Corporation, which is developing The Base Resort Hotel and Casino in Clark.

The amount of the transaction and creditors’ details were not disclosed by either party.

“Certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized,” PH Resorts and Bloomberry said.

PH Resorts has been struggling with its capital requirements to build the casino in Clark. In October 2021, it told the stock exchange that it suspended its gaming license due to “lingering uncertainties” in the gaming industry.

It added that it would instead “focus all efforts” on constructing Emerald Bay in Cebu.

PH Resorts is the holding company for the gaming and hospitality arm of Uy’s Udenna Group. Other than the developments in Cebu and Clark, it is also the owner of the Donatela Resort and Sanctuary in Panglao, Bohol.

Uy has been selling off assets in his conglomerate amid the debt he took on during his buying spree of companies during the Duterte administration.

Meanwhile, Bloomberry is the owner and operator of Solaire Resort and Casino in Parañaque City. 

Shares of Bloomberry went up as high as 8.2%, while PH Resorts saw an 18% jump intraday before losing 5% at the close. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.