Bloomberry to invest in Dennis Uy’s gaming sites

BLOOMBERRY Resorts Corp., the integrated resorts and gaming firm of billionaire Enrique K. Razon Jr., said it signed an agreement with PH Resorts Group Holdings Inc., as it wants to invest in its gaming site developments in Cebu and in Clark, Pampanga.

In its disclosure, bloomberry said it has signed a term sheet with PH Resorts, the listed gambling arm of Davao businessman Dennis Uy, for the said investment.

The said agreement covers the investment of the Razon Group into PH Resorts unit 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.

The said deal will have to undergo conditions such as the execution of mutually acceptable definitive agreements; approval of regulators; approval of creditors; completion of audited financial statements; corporate approvals; and cooperation on due diligence, among others.

No other details were given in the disclosure.

“Certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized,” the companies said in its separate disclosures. In october last year, Uy dropped his investments in the gambling sites in Clark, as the company wants to focus on its huge gaming and resort site in Mactan.

It sought for the voluntary suspension of its provisional gambling license for the said Clark facility, which never even got through design stage.

“CGLC sought for the voluntary suspension of its license due to some lingering uncertainties surrounding the casino gaming industry especially with more competition in the Clark, Pampanga location,” the company said in its earlier disclosure.