Bloomberry Resorts Ends Partnership with PH Resorts for Casinos in Cebu and Clark
Two multi-millionaires who partnered on two casino projects in the Philippines have decided to go their separate ways, as Bloomberry Resorts Corporation has announced it's ending its agreement with PH Resorts Group.
Enrique Razon, Jr., a Filipino tycoon, is the head of Bloomberry. His company operates Solaire Resort, a casino in Manila's Entertainment City, and Jeju Sun Hotel & Casino in South Korea. Last year, Razon's Bloomberry teamed up with PH Resorts to help build two casinos - one in Cebu and the other in the Clark Freeport.
PH Resorts is a sister entity of the Udenna Corporation, a holding company owned and operated by Filipino billionaire Dennis Uy.
In May 2022, Bloomberry and PH Resorts agreed to aid PH Resorts in completing its Emerald Bay Resort and Casino on Mactan Island. This picturesque location is part of the Cebu Province and preferred by the island's wealthier tourists. Bloomberry also agreed to provide funding for PH Resorts' Clark Freeport development, which they called The Base.
End of Arrangement
An investor notification by Bloomberry confirmed on Wednesday that the company's relationship with PH Resorts had ended.
"We confirm that the board of directors of Bloomberry Resorts Corporation has made a decision to terminate the term sheet with PH [Resorts]," the statement read.
PH Resorts also declared it would complete Emerald Bay and The Base independently of Bloomberry's involvement.
While it's a pity that a deal failed to materialise, this now enables both parties to pursue their respective agendas. This shift opens a door for PH Resorts to revisit talks with companies previously put on hold because of the potential involvement of Bloomberry, commented PH Resorts President Raymundo Martin M. Escalona.
There's great optimism among investors and developers about the future of the Philippine gaming industry, set to thrive as Macau tightens its grip on junket groups serving mainland China's high-rollers. With China increasingly monitoring VIP junket operators, these groups may opt to shift their focus to more appealing gaming markets like the Philippines.
PH Resorts' website boasts that Emerald Bay will be an urban casino integrated resort "set to rival Manila and Macau, offering an unmatched luxury leisure experience."
Emerald Bay's Phase 1 consists of a 270-room five-star hotel, fewer rooms than in Macau and Manila's Entertainment City, and a casino floor with 600 slot machines and more than 120 table games, five restaurants, and beach access. Construction on Emerald Bay is expected to end before the year does. However, the future of Phase 2 remains uncertain since Bloomberry has quit the scene. The additional development phase includes 780 extra guestrooms, nearly 150 more table games and 730 slots, 16 extra restaurants, and a retail shopping mall.
Bloomberry Investing in Manila
Bloomberry's departure from PH Resorts lets the firm concentrate on expanding in the Philippine capital. Recently, Bloomberry announced it's speeding up work on Solaire North after gaming in the Philippines bounced back swiftly after the pandemic.
Solaire North, located in Quezon City about ten miles north of Entertainment City, will feature 550 guestrooms and a casino floor with 3,000 slot machines and over 200 table games.
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