Ultra bilyonaryo Enrique “Ricky” Razon has advanced P1 billion s initial investment in the Cebu and Clark casino projects of Duterte crony Dennis Uy.
In a financial report, the cash-strapped PH Resorts Group (PHR) reported that it has received the down payment from Razon’s Bloomberry Resorts (BLOOM) in the second quarter of 2022.
“Due diligence is currently ongoing and certain terms and conditions of the transaction, including the method of payment and timing of closing, are still in the process of being finalized,” said PHR.
BLOOM announced last May the signing of a term sheet with PHR for its investments in 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. which is developing The Base Resort Hotel and Casino in Clark in Pampanga.
Emerald’s casino license, which includes a seven-year exclusivity period in Lapu-Lapu City, will lapse in 2033. PHR has committed to invest $300 million or over P15 billion for the Emerald casino. Emerald is being built on PHR’s 12.5-hectare prime beachfront property which is valued at P6.45 billion.
PHR has previously been allowed to voluntarily suspended its Clark casino license to October 2021 to focus its dwindling resources for the completion of Emerald casino.
PHR said it has the right to apply for the lifting of the suspension, subject to the approval of Pagcor, “for the reasons of, but not limited to, potential new joint venture partners and/or investors; and improved market conditions.”
PHR is committed to invest $200 million under its Clark casino license which will also lapse in 2033.
BLOOM currently operates the Solaire casino hotel in Paranaque City and will open another casino in Quezon City in 2023.