Foreign investors gobbled up shares of Bloomberry Resorts (BLOOM) after its owner, ultra bilyonaryo Ricky Razon, bared his plan to absorb the Cebu and Clark casino hotel projects of Dennis Uy’s cash-strapped company, PH Resorts.
BLOOM, which operates the Solaire Hotel in Paranaque City, gained 6.3 percent to P6.58 on net foreign buying of P116.44 million.
In contrast, PHR dropped 5.3 percent to P1.25 on P97.48 million in total trades.
BLOOM disclosed before the start of trading that it has signed a term sheet to finalize terms of its buy out PHR’s interest in Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and in The Base Resort Hotel and Casino in Clark Freeport, Pampanga,
PHR has temporarily shelved the Clark casino project due to its dwindling cash which is not enough to finish the ongoing Phase One construction of Emerald Bay.
PHR’s net current liabilities have reached P7.44 billion as of September 2021. PHR has yet to finalize a bailout plan with its creditor, China Banking Corp., for its maturing P5.962 billion loan used to build Emerald Bay.