EMERALD BAY RESORT AND CASINO UPDATE
Dennis Uy’s PH Resorts Group Holdings Inc and its subsidiary has signed a deal with Enrique Razon’s Bloomberry Resorts Corp for a proposed investment in the company’s Cebu and Clark developments.
PH Travel and Leisure Holdings Corp signed a Term Sheet with Bloomberry Resorts for the latter’s proposed investment in Lapulapu Leisure Inc which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and into Clark Grand Leisure Corp, which is developing the Base Resort and Casino in Clark Pampanga.
PH Resort Group is the leisure and gaming arm of Uy’s Udenna Corp
Emerald Bay was supposed to be the group’s flagship integrated casino beachfront resort in Mactan Cebu. In a separate disclosure to the stock exchange, Bloomberry Resorts said the Term Sheet was signed on May 6.
Certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized.
No amount was disclosed by either party.
Bloomberry’s subsidiaries operate Solaire Resort and Casino and Jeju Sun Hotel and Casino.
Davao-based businessman Deninis Uy meanwhile, engaged in aggressive business expansion in the last 6 years during President Rodrigo Duterte’s administration
When stage 1 of Emerald Bay is finished, the venue will house 122 gaming tables and 600 electronic gaming machines. It will also have a five-star hotel with 270 rooms.
The 2d stage of Emerald Bay is to be developed in the coming years. in 1 case fully completed, the casino is to feature to a greater extent than than 720 electronic gaming machines and over 146 a gaming tables, as well as space for meetings and exhibitions. The resort will also offering to a greater extent than than 780 hotel rooms.
Situated on 12 Hectare prime oceanfront belongings on Mactan Island, the Emerald Bay Resort and Casino is the first large-scale, gaming-anchored hospitality development exterior the Philippines capital, Manila.
The company is currently designing another casino resort, called The Base resort and casinobin Clark Freeport Zone, which is expected to have approximately 600 electronic gaming machines, approximately 100 gaming tables, several hotels with approximately 400 rooms, and a retail and eatery complex.Bloomberry resort inc. of billionaire Enrique razon will also take over this projection.
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