Solaire Resort operator Bloomberry Resorts has informed investors that it has terminated its plans for a proposed investment in Cebu – namely the Emerald Bay Project ‘after considering the results of due diligence on the target companies and the projects’.
The group had entered into a term sheet with PH Resorts Group subsidiary PH Travel and Leisure Holdings Corp on May 6th of last year regarding the possible investment in Lapulapu Leisure Inc regarding the Emerald Bay project, as well as another casino project in Clark.
The Wednesday filing notes that Bloomberry has backed out of both of the investments, calling into question the fate of the Emerald Bay project, initially slated to open this year, despite large delays in construction.
PH Resorts Group last lauding of the project regarded the topping off of its Emerald Bay towers, with the development initially expected to have some 122 gaming tables for ‘mass, premium mass and junkets’, 600 electronic gaming machines and ‘270 hotel room bays’.
The second phase of the project had planned to add MICE space, over 140 more gaming tables and more than 700 slot machines and more than 700 rooms.
