Philippine casino group Bloomberry Resorts Corp says it is still to receive PHP301.0 million (US$5.3 million) as part of a PHP1.0-billion deposit paid to Philippines-listed PH Resorts Group Holdings Inc, promoter of a stalled casino project, Emerald Bay (pictured in a file photo), in Cebu.
In March 2023, Bloomberry terminated a non-binding agreement – known as a term sheet – to invest in a unit of PH Resorts, citing “adverse due diligence findings and regulatory actions”.
PH Resorts’ parent is Philippine conglomerate Udenna Corp, controlled by local entrepreneur Dennis Uy.
Subsequently, the two sides agreed that the PHP1.0-billion deposit made under the term sheet would be “returned to Bloomberry through execution of certain transactions”.
“As of December 31, 2024 the outstanding receivable amounted to PHP301.0 million,” said Bloomberry in its annual report for 2024 published on Thursday. The same day, Bloomberry announced its full-year and fourth quarter operating results.
“The parties agreed that the remaining balance shall be returned to Bloomberry on or before March 31, 2025,” it added.
In November last year, PH Resorts said that Udenna Corp had demonstrated “the ability and willingness” to support PH Resorts in its financial obligations.
PH Resorts said at the time: “The group received a letter of financial support from its ultimate parent company stating that it shall extend its full and continuing support for PH Resorts with regard to the… PHP1.0 billion deposit from Bloomberry Resorts Corp until such time that the group is in the position to repay this amount without impairing its liquidity position.”
PH Resorts had also been in discussions on Emerald Bay with Tiger Resort, Leisure & Entertainment Inc (TRLEI), promoter of the Okada Manila casino complex. But on July 1 last year, PH Resorts announced the termination of the term sheet with TRLEI that would have seen the latter invest in the scheme.
In December, PH Resorts disclosed that the parent company had signed a memorandum of understanding (MoU) with local construction company EEI Corp, concerning the Emerald Bay project.
“The MoU provides an avenue for a potential partnership between EEI and PH Resorts, upon the execution of the definitive agreements and subject to the fulfilment of conditions precedent and regulatory approvals, if any,” stated PH Resorts in a December filing to the Philippine Stock Exchange.
