Duterte crony Dennis Uy is back to searching for a new investor to bail out PH Resorts Group’s (PHR) casino projects after Bloomberry Resorts (BLOOM) of ultra bilyonaryo Ricky Razon terminated their deal.
“While it is unfortunate that a deal was not closed, this now allows both parties to pursue their own plans. This development gives PHR the opportunity to re enter into discussions with other parties that were previously put into the backburner due to the contemplated investment by Bloomberry,” said PHR president Raymundo Escalona in a statement.
In its meeting on March 22, the BLOOM board chaired by Razon agreed to terminate the term sheet it signed with PHR’s subsidiary, PH Travel and Leisure Holdings Corp. (PHT), in May 2022.
BLOOM decided to abandon its plan to invest in PHR’s Lapu-Lapu Leisure and Clark Grand Leisure “after considering the results of due diligence on the target companies and the projects.” It did not elaborate.
BLOOM has already advanced P1 billion to PHR last year.
PHR, which got the casino licenses during the Duterte administration, is in dire need of a white knight considering that construction of its Emerald Bay casino project in Cebu has been delayed due to the company’s mounting debt and cash problems.
PHR dropped six percent to 80 centavos after Inquirer first reported the deal’s termination. BLOOM gained two percent to P9.10.
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