RAZON-LED Bloomberry Resorts Corp. (Bloom) disclosed on Wednesday, May 11, 2022, that it signed a “term sheet” to invest in two of Dennis Uy’s resort properties.
Bloom signed the term sheet with PH Travel and Leisure Corp. (PHT) on May 6.
“The term sheet covers the proposed investment of Bloom into Lapulapu Leisure Inc. which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and into Clark Grand Leisure Corp. (CGLC) which is developing The Base Resort Hotel and Casino in Clark in Pampanga,” Bloom told the local bourse.
Lapulapu Leisure Inc. is the developer of the 13.5- hectare Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City Cebu. The first phase of Emerald is expected to have approximately 7,585 square meters of aggregate gaming floor area, with approximately 1,186 electronic gaming machines, approximately 146 gaming tables, a five-star hotel, with approximately 838 rooms, including five villas, a retail complex covering an approximate area of 8,000 square meters, a convention center, and 18 restaurants.
CGLC, on the other hand, is the developer of The Base, an integrated tourism resort to be located in Clark Freeport Zone in Luzon. Upon completion, The Base is expected to have approximately 600 electronic gaming machines, approximately 100 gaming tables, several hotels with approximately 400 rooms and a retail and restaurant complex.
The “term sheet” is subject to several conditions to closing including: (a) the execution of mutually acceptable definitive agreements; (b) approval of regulators; (c) approval of creditors; (d) completion of audited financial statements; (d) corporate approvals, and cooperation on due diligence, among others.
Bloom added that certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized.
“Bloom will provide further disclosures, including possible effect(s)/impact of the transaction on the business, financial condition and operations of Bloom, when the conditions to closing are completed and the definitive and agreements are signed,” it noted.
In October last year, Uy delayed the opening of its first hotel casino project in Mactan, Cebu to the first quarter of 2023 due to mobility restrictions caused by the Covid-19 pandemic.
The resort and casino project as of end-September 2021 was 40.7 percent complete while the main building was 98.6 percent finished.
Bloombery Resorts Corp., owned by Enrique Razon, is engaged in amusement, tourist facilities, gaming and hotel businesses.