In its 2024 annual report, Bloomberry disclosed that PH Resorts had paid P699 million of the total amount, leaving a ₱301 million balance still due. The remaining payment is expected on or before March 31, 2025, the integrated casino operator said.
This follows Bloomberry’s decision to terminate its investment deal in PH Resorts’ Cebu and Clark casino projects after a 10-month due diligence review.
“Bloomberry terminated the term sheet because of adverse due diligence findings and regulatory actions,” Bloomberry noted in its filing.
The deal, which originally included a P1 billion deposit, was seen as a potential lifeline for Uy’s gaming firm, which is currently selling assets to settle debts.
PH Resorts is now in talks with its fourth potential investor, listed EEI Corp., for its unfinished $300 million Emerald Bay casino project in Mactan Island, Cebu.
Fourth time's the charm
The construction firm, previously controlled by the Yuchengco family, has taken on new investors in recent times.
Among its new backers are RYM Business Management Corp., led by House Speaker Martin Romualdez—cousin of President Ferdinand Marcos Jr.—and Francis Lloyd Chua’s Industry Holdings and Development Corp.
Before EEI, PH Resorts was in discussions to sell Emerald Bay to Tiger Resort Leisure & Entertainment. While that deal fell through, PH Resorts still received a P327.6 million non-refundable payment from the group.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
