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Davao tycoon Dennis A. Uy’s PH Resorts Group Holdings Inc. still owes Bloomberry Resorts Corporation of Enrique K. Razon Jr. P301 million from the P1 billion deposit made for the cancelled investment in Uy’s shelved casino projects in Cebu and Clark.
In a disclosure to the Philippine Stock Exchange, Bloomberry said it has so far colleted P699 million from the P1 billion deposit made for the contemplated investment.
“The parties agreed that the remaining P301 million deposit shall be returned to Bloomberry before the end of March 2025,” the firm said. They had previously agreed to the return of the deposit by the end of 2024.
On May 6, 2022, Bloomberry signed a term sheet with PH Resorts’ subsidiary PH Travel and Leisure Corporation which covers the proposed investment of Bloomberry into Lapu-Lapu Leisure Inc. and Clark Grand Leisure Corporation.
Lapu-Lapu Leisure is development the Emerald Bay Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu while Clark Grand Leisure is developing The Base Resort Hotel and Casino in Clark Pampanga.
However, Bloomberry terminated the term sheet on March 22, 2023 “after considering the results of the due diligence.” Since then, Bloomberry has been trying to collect the P1 billion deposit it made for the deal.
Uy may have found a new partner in the Yuchengco group’s construction affiliate EEI Corporation for the development of its Emerald Bay Resort.
PH Resorts said its parent firm, Uy’s holding company Udenna Corporation, has executed a Memorandum of Understanding (MOU) with EEI concerning the Emerald Bay Project.
The Yuchengco Group had recently whittled down its stake in EEI to 30.85 percent by selling minority interests to various investors including 20 percent of EEI to House Speaker Martin Romualdez's RYM Business Management Corporation.
“In particular, the MOU provides an avenue for a potential partnership between EEI and PHR, upon the execution of the definitive agreements and subject to the fulfillment of conditions precedent and regulatory approvals, if any,” PHR said.
It added that, “The MOU also paves the way for EEI to execute an agreement with PHR and/or its subsidiaries, Lapulapu Leisure, Inc. (LLI) and Lapulapu Land Corp. (LLC), to finance, construct, and compete the Emerald Bay Project, upon the execution of definitive documentation.”
This follows the termination last July of a term sheet between PHR and the Okada Group’s Tiger Resort Leisure and Entertainment Inc. which had planned to take over the Emerald Bay Project by acquiring a significant majority ownership of LLI and LLC.
TRLEI is the third investor to drop out after Cebu-based developer AppleOne Properties Inc. and Bloomberry. Aside from its gaming license, PHR’s Emerald Bay Project will benefit from a 7-year exclusivity period in Lapu-Lapu City upon completion.
Last December, PHR received a letter of financial support from Udenna stating that it shall extend its full and continuing support for PH Resorts with regard to the P1.0 billion deposit from Bloomberry “until such time that the Group is in the position to repay this amount without impairing its liquidity position.”
