It was announced on Wednesday that Solaire Resort’s parent company, Bloomberry Resorts Corp, terminated the deal related to acquiring a stake in integrated resort developments in Cebu and Clark, owned by PH Resorts Group.
What does a termination mean for casinos:
A Term Sheet with PH Travel and Leisure Holdings Corp, daughter company of PH Resorts Group, is terminated, as Bloomberry spokesperson said in a Philippine Stock Exchange filing. The sheet was signed almost a year ago, in May 2022. It was about a potential investment in various development activities in Cebu IR, Emerald Bay, The Base Resort Hotel, and Clark Grand Leisure Corporation.
Bloomberry spokesperson said this significant decision has been made “after considering the results of due diligence on the target companies and the projects.”
Raymundo Martin M Escalona, a President of PH Resorts Group, isn’t happy about this decision, saying this is unfortunate. However, he is aware of some benefits both included parties can gain from this. He said: “This now allows both parties to pursue their plans. This development allows PH Resorts Group to re-enter discussions with other parties that were previously put into the backburner due to the contemplated investment by Bloomberry.”
Media reports from the Philippines almost predicted the termination. They were whispering about that even before officials said something. However, despite that, PH Resorts Group announced their hopes for a deal to be continued and for the transaction to proceed further. A few hours after that announcement, Bloomberry announced the deal’s termination.
The destiny of Emerald Bay:
What does it mean for Emerald Bay, whose opening has been scheduled for this year? Considering the current situation, the casino’s development might be slower or completely stopped until a solution is found. It’s yet to be seen.
If opened, Emerald Bay will be quite an exclusive place, with 4.154 square meters of the gaming floor. Even 600 slot machines will be found there, as well as 122 gaming tables. There is a five-star hotel with 270 rooms for those who want to stay the night. Also, the building has five food and beverage outlets – and probably the best is a 300-meters beach just in front of the building, available only to the resort guests. The designer of this project is Paul Steelman.
After finishing this project phase, phase 2 was expected to begin. It was supposed to be completed by 2027, but we still don’t know the final decision about the project. However, if it’s decided for the resort to be finished, in phase 2, another 8.210 square meters of gaming floor will be added, as well as additional 729 slot machines. There will also be another 146 gaming tables and 780 rooms in the new five-star hotel, five villas, four pools, and MICE facilities. For the guests that enjoy amazing food and beverage, 16 new outlets are planned to be opened.