Asia bulletin: Bloomberry terminates deal to invest in PH Travel and Leisure
Bloomberry Resorts has terminated a deal sheet between itself and PH Travel and Leisure Corp, for a proposed investment in PH Travel and Leisure subsidiaries Lapulapu Leisure and Clark Grand Leisure Group.
Lapulapu Leisure operates the integrated resort Emerald Bay in Cebu, the Philippines, alongside Clark Grand Leisure.
As said by Bloomberry, a decision was only taken to not invest in this jointly managed property after it carefully considered “the results of due diligence on the target companies and projects.”
Speaking out on the matter was PH Travel and Leisure President Martin M Escalona, who said: “This now allows both parties to pursue their own plans.
“This development gives PH Travel and Leisure the opportunity to re-enter into discussions with other parties that were previously put into the backburner due to the contemplated investment by Bloomberry.”
Although seemingly upbeat, Escalona’s comments come just a day after PH Travel and Leisure made its hopes known that a deal for a Bloomberry investment could be completed.
And, with Bloomberry’s investment now firmly off the table, the future of Emerald Bay is unknown – with any further development stalled until further investment can be secured.
This is not the only news to come out of the Philippines this week, with the country’s regulator-cum-operator the Philippine Amusement and Gaming Corporation (PAGCOR) announcing plans to bring its role as a state operator to an end.
Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR) Alejandro Tengco expressed his desire to focus on the organisation’s regulatory role, to expand its reach and contribution to “nation-building.”
Tengco told listeners that since its reformation in August 2022, the PAGCOR board has been open to talks of privatising these state-run casinos to avoid a conflict of interests as an operator-cum-regulator.
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