PH Resorts is currently in the process of seeking funding for the development of two casinos

After Bloomberry Resorts terminated its agreement to invest in PH Resorts Group Holdings‘ two gaming resorts in the Philippines, the company has resumed discussions with potential investors.

PH Resorts is currently working on developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and the Base Resort Hotel and Casino in Clark, Pampanga. While the company previously aimed to complete the Emerald Bay Resort Hotel and Casino in the first quarter of 2023, no updates have been provided on the timeline.

Bloomberry Resorts Corp, the Philippine firm that owns Solaire Resort and Casino at Entertainment City in Manila, had previously signed a non-binding agreement to invest in PH Resorts Group Holdings’ two projects. However, on March 22, 2023, Bloomberry terminated the term sheet, leading PH Resorts to restart talks with other potential investors.

PH Resorts is a subsidiary of the Philippine conglomerate Udenna Corp, which is under the ownership of local entrepreneur Dennis Uy. According to its annual report, PH Resorts recorded a net loss of PHP801.9m (US$14.5m) for the full year of 2022.

Meanwhile, Bloomberry is currently constructing a new integrated resort near Manila, in Quezon City, which is set to open in the first quarter of 2024. The company has reportedly purchased 2.8 million square meters of land in the Paniman area for PHP7.5bn (US$136.95m), with plans to develop it into a mixed-use complex featuring a hotel, casino, golf course, and residential development.