May 03, 2023 Newsdesk Latest News, Philippines, Top of the deck
Philippine casino resort investor PH Resorts Group Holdings Inc says it has “re-entered… discussions” with potential backers for two gaming resorts it is developing respectively in Cebu and Clark in that nation. Recently another Philippine business, Bloomberry Resorts Corp, chose to terminate an initially non-binding agreement – known as a term sheet – to invest in the two projects.
“On March 22, 2023, the group received a letter from Bloomberry terminating the term sheet dated May 6, 2022,” noted PH Resorts in its annual report, published on Wednesday.
It added: “With this development, the group re-entered… discussions with other parties that were previously put on hold due to the contemplated investment by Bloomberry.”
PH Resorts did not provide further information on the discussions.
The firm’s parent is Philippine conglomerate Udenna Corp, controlled by local entrepreneur Dennis Uy.
Bloomberry, headed by ports investor Enrique Razon, controls Solaire Resort and Casino at Entertainment City in the Philippine capital Manila. It is also building a new resort near Manila, at Quezon City, which is currently due to open in the first quarter of 2024.
PH Resorts is developing the Emerald Bay Resort Hotel and Casino (pictured in a file photo) in Punta Engano, Lapu-Lapu City, Cebu. The firm had said in May last year the casino resort was to be developed “in two phases”, with the first “expected to be completed in the first quarter of 2023”. Since then, the group has not issued further updates on the project timetable.
The firm is also developing the Base Resort Hotel and Casino, in Clark, Pampanga. In October 2021, PH Resorts had stated the country’s gaming regulator had approved a request of a PH Resorts unit to suspend the provisional gaming licence for its Clark casino, so that the group could “focus all efforts” on developing Emerald Bay in Cebu.
PH Resorts posted a net loss of PHP801.9 million (US$14.5 million) for full 2022, it said in it is annual report. The group affirmed a “going concern” warning, noting that its current liabilities as of December 31 exceeded its current assets by PHP1.97 billion.
The firm added it was taking steps to support its liquidity requirements, including renegotiating current and outstanding obligations related to several loans.
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