PH Resorts Group Holdings Signs Deal with Bloomberry Resorts Corp. for Cebu and Clark Developments

Dennis Uy’s PH Resorts Group Holdings’ subsidiary company, PH Travel and Leisure Holdings Corp has announced signing a deal with Enrique Razon’s Bloomberry Resorts Corp last Wednesday for a potential investment in developing the areas of Cebu and Clark. According to Bloomberry, “Certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized,” No specific amount was indicated as well on the terms of both parties’ deal.

Davao-based tycoon Dennis Uy’s company has already signed a term sheet with Bloomberry for their planned investment in Lapu Lapu Leisure Inc., which is setting its sights on developing the Emerald Bay Resort Hotel and Casino in Lapu-Lapu City, Cebu, and the Clark Grand Leisure Corp currently being developed in Clark, Pampanga, according to PH Resort Group, the gaming and leisure arm of Uy’s Udenna Corp.

Some of the subsidiaries under Enrique Razon’s Bloomberry Resorts Corp are the Solaire Resort and Casino and the Jeju Sun Hotel and Casino. Razon’s group of companies previously incurred a net loss of P780.8 million, largely affected by the enhanced community quarantine (ECQ) restrictions imposed last 2020.

Emerald Bay Resort Hotel and Casino was initially planned to be the group’s flagship casino beachfront resort located in Mactan, Cebu. During the Duterte administration, Uy has been aggressive in growing and expanding his businesses for the past six years. The tycoon has various businesses in different industries such as fuel companies, shipping lines, telecommunications, and food chain establishments.

Source: ABS CBN, ABS CBN