PH Resorts Group Holdings Resumes Talks with Investors After Bloomberry Termination
LISTEN TO THIS ARTICLE:PH Resorts Group Holdings has resumed talks with potential investors for its two gaming resorts in the Philippines after Bloomberry Resorts terminated an agreement to invest in the projects. PH Resorts, a subsidiary of the Philippine conglomerate Udenna Corp, is currently developing the Emerald Bay Resort Hotel and Casino in Cebu and the Base Resort Hotel and Casino in Pampanga.
The company had previously signed a non-binding agreement with Bloomberry Resorts to invest in the two projects. However, the agreement was terminated by Bloomberry Resorts in March 2023, prompting PH Resorts to seek other potential backers for the land based casinos.
The Emerald Bay Resort Hotel and Casino is being developed in Punta Engano, Lapu-Lapu City, Cebu, and is expected to be completed in the first quarter of 2023. However, there has been no update on the timetable. The Base Resort Hotel and Casino is being developed in Clark, Pampanga.
PH Resorts posted a net loss of PHP801.9m (US$14.5m) for the full year 2022, according to its annual report. The company's parent, Udenna Corp, is owned by local entrepreneur Dennis Uy.
Bloomberry Resorts Corp, which controls the Solaire Resort and Casino at Entertainment City in Manila, is currently building a new integrated resort near Manila in Quezon City. The project is scheduled to open in the first quarter of 2024.
The company has already acquired 2.8m square meters of land in the Paniman area for PHP7.5bn (US$136.95m). PH Resorts aim to develop the property into an integrated resort and entertainment complex with a hotel, casino, golf course, residential and mixed-use development.
The termination of the agreement between PH Resorts and Bloomberry Resorts could be a setback for the former, which may have to look for new investors to fund its projects. However, with the Philippine gaming industry showing strong growth potential, there could be other investors who may be interested in backing the company's projects.
The gaming industry in the Philippines has been growing steadily in recent years, thanks to the government's support for the sector. The country has become a popular destination for gaming companies looking to expand their operations in Asia. With the Philippines expected to emerge as one of the leading gaming destinations in the region, PH Resorts' gaming resorts could attract significant investor interest.
In conclusion, PH Resorts Group Holdings has resumed talks with potential investors for its gaming resorts in the Philippines after Bloomberry Resorts terminated an agreement to invest in the projects. While the termination of the agreement could be a setback for PH Resorts, the company could attract other potential investors interested in backing its projects, given the strong growth potential of the Philippine gaming industry.
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