Razon to invest in Dennis Uy’s Cebu, Pampanga casinos | Inquirer Business
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Razon to invest in Dennis Uy’s Cebu, Pampanga casinos

/ 05:18 AM May 12, 2022

Billionaire Enrique Razon Jr.’s Bloomberry Resorts Corp. is planning to invest in Davao-based tycoon Dennis A. Uy’s casino developments in Cebu and Pampanga, expanding the listed gaming company’s footprint outside Metro Manila.

Bloomberry and Uy’s PH resorts Group Inc. made separate disclosures on Wednesday, announcing the signing of a term sheet for the “proposed investment,” which would be subject to due diligence and final agreements.

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It did not provide the value of the deal, which marked the latest divestment by Uy after selling his group’s shares in logistics giant 2GO Group Inc. to the Sy family’s SM Group early last year.

Uy’s Udenna Corp., an unlisted holding company involved in property, energy, logistics, telecommunications and hospitality, has been unloading select businesses to shore up earnings and reduce its debt burden.

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The agreement with Bloomberry, the operator of Solaire Resort & Casino along Manila Bay, was strategic given Razon’s deep pockets and experience in gaming.

Based on the filing, Bloomberry signed the term sheet to invest in some of the businesses of PH Resorts subsidiary PH Travel and Leisure Corp.

These are Lapulapu Leisure Inc., which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and Clark Grand Leisure Corp., which is developing The Base Resort Hotel and Casino in Clark in Pampanga.

Emerald Bay, set for a full opening in 2026 based on information on PH Resorts’ website, is being constructed on a 12.4-hectare beachfront property. It will offer hotel rooms, villas and 146 gaming tables and 729 gaming machines.

Meanwhile, The Base would be an “adventure-themed integrated resort” on a 4.4-hectare lot within Udenna’s Clark Global City.

Bloomberry’s entry could pave the way for the resumption of Uy’s Clark casino project.

Suspension

State-run Philippine Amusement and Gaming Corp. (Pagcor), in October last year, approved the request of Clark Grand Leisure Corp. to voluntarily suspend its provisional casino license for its project in Clark Global City.

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In an earlier Philippine Stock Exchange filing, Uy’s group said the suspension was due to “lingering uncertainties surrounding the casino gaming industry especially with more competition in the Clark, Pampanga location.”

Clark Grand Leisure was also required by Pagcor to invest at least $200 million on the Clark project with 40 percent of the amount to be spent within two years after the issuance of its provisional license in 2018.

Bloomberry shares jumped 6.3 percent to P6.58 per share after the joint announcement on Wednesday while PH Resorts fell 5.3 percent to P1.25 each after rising as much as 18 percent earlier in the session.

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TAGS: Bloomberry Resorts Corp., Dennis A. Uy, Enrique Razon Jr.
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