Two billionaires who had partnered on two integrated casino resort projects in the Philippines are now going their separate ways after Bloomberry Resorts Corporation declared its intention to terminate its agreement with PH Resorts Group.
Enrique Razon (left) and Dennis Uy have decided to part ways on their earlier plan to jointly open new casinos in Cebu and Clark Freeport. Razon’s Bloomberry Resorts officially ended the relationship on March 22, 2023, less than a year after the contract was sealed between the two business magnates. (Image: ABS-CBN )
Bloomberry is owned by Filipino billionaire Enrique Razon, Jr. The company operates Solaire Resort, a casino located in Manila’s Entertainment City, and Jeju Sun Hotel & Casino in South Korea. Just under a year ago, Razon’s Bloomberry consented to support PH Resorts to accomplish two casinos, with one in Cebu and another in the Clark Freeport.
PH Resorts is a subsidiary of the Udenna Corporation, a holding company founded and run by Filipino billionaire Dennis Uy.
In May 2022, Bloomberry had agreed to help PH Resorts in completing its Emerald Bay Resort and Casino on Mactan Island. The place is a scenic holiday destination that is part of the Cebu Province and is favored by the island nation’s wealthier tourists. Bloomberry’s agreement with PH Resorts additionally included funding for the latter’s casino development in Clark, called The Base.
Deal Dissolved
In an investor notice, Bloomberry confirmed Wednesday that its collaboration with PH Resorts has been terminated.
“We wish to confirm that in a resolution of the board of directors of Bloomberry Resorts Corporation, the company today has decided to cancel the term sheet with PH [Resorts],” the disclosure read.
Uy’s PH Resorts also reported that it will proceed with completing Emerald Bay and The Base without help from Bloomberry.
This development provides PH Resorts the chance to re-engage in negotiations with other parties that were previously placed on the backburner due to the potential investment by Bloomberry,” commented PH Resorts President Raymundo Martin M. Escalona.
Investors and developers are optimistic about the Philippines gaming industry, which is anticipated to benefit from Macau enforcing stricter regulations on junket groups that serve mainland China’s wealthiest gamblers. With China keeping a close eye on such VIP junket operators, some of those touring groups are expected to re-focus their operations on more attractive gaming markets, with the Philippines said to be a favorite.
On its website, PH Resorts describes Emerald Bay as an urban casino integrated resort “poised to rival Manila and Macau, promising a luxury leisure experience unlike any other.”
Phase 1 of Emerald Bay features a 270-room five-star hotel, small compared to Macau and Manila’s Entertainment City, and a casino floor with 600 slot machines and more than 120 table games. The resort has five restaurants and beach access.
Construction on Emerald Bay is expected to be completed later this year. Phase 2, however, is now uncertain following Bloomberry’s departure. The second development phase is set to include 780 additional guestrooms, nearly 150 more table games and 730 slots, 16 additional restaurants, and a retail shopping center.
Bloomberry Focused on Manila
Bloomberry’s exit from PH Resorts allows the firm to refocus its expansion efforts in the Philippines to the capital city. Bloomberry declared earlier this month it is accelerating construction on Solaire North after gaming in the Philippines recovered quickly post-pandemic.
Located in Quezon City, approximately 10 air miles north of Entertainment City, Solaire North will offer 550 guestrooms and a casino floor with 3,000 slots and more than 200 table games.
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