Emerald Bay under construction as of September 2020/ Handout
MANILA - Dennis Uy's PH Resorts Group Holdings Inc on Wednesday said its subsidiary has signed a deal with Enrique Razon's Bloomberry Resorts Corp for a proposed investment in the company's Cebu and Clark developments.
PH Travel and Leisure Holdings Corp signed a Term Sheet with Bloomberry Resorts for the latter's proposed investment 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 and Casino in Clark Pampanga, PH Resort Group told the stock exchange.
PH Resort Group is the leisure and gaming arm of Uy's Udenna Corp.
Emerald Bay was supposed to be the group's flagship integrated casino beachfront resort in Mactan Cebu.
In a separate disclosure to the stock exchange, Bloomberry Resorts said the Term Sheet was signed on May 6.
"Certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized," Bloomberry said.
No amount was disclosed by either party.
Bloomberry's subsidiaries operate Solaire Resort and Casino and Jeju Sun Hotel and Casino.
Davao-based Uy meanwhile, engaged in aggressive business expansion in the last 6 years during President Rodrigo Duterte's administration.
RELATED VIDEO: