Philippine Billionaire Enrique Razon’s Bloomberry To Invest In Tycoon Dennis Uy’s Casino Projects

Bloomberry Resorts is owned by Enrique Razon Jr., a billionaire who has signed an agreement to invest in Davao’s casino resort projects on the central Philippine island Cebu. Also at the Clark Airbase in Pampanga (north of Manila).

PH Travel and Leisure Corp. is a unit of Uy’s PH resorts Group Holdings and Bloomberry, owning and running the Solaire casino resort in Manila. On Wednesday, the companies announced that they had signed a term sheet in separate regulatory filings with the Philippine Stock Exchange. The financial details of the deal are subject to approval by regulators and creditors.

As the company recovers from the pandemic lows, Razon plans to expand its casino resort presence in the Philippines. Bloomberry’s net loss fell to 4.3 billion pesos ($82m) in 2021, down from 8.3 million pesos in the previous year. However, gross gaming revenues increased 22% to 27.6billion pesos.

“The 2021 year demonstrated the resilience and business of our company amidst a panic characterized by a slowly re-covering economy and the absence of tourists,” Razon, Chairman, and CEO of Bloomberry stated in a statement when the company released the results. It was a better year than 2020 because it was supported by domestic patronage.

Bloomberry’s investment in PH Travel will expand its presence in Cebu, where PH Travel has built Emerald Bay on a 12.4-hectare property that offers gaming amenities. Clark Global City is where PH Travel is creating an integrated casino resort. These properties are Uy’s latest asset. He sold his shares in the logistics companies 2GO Grup Inc. in June 2013 to the Sy family’s SM Investments Corp.

Bloomberry will now have four integrated casino resorts in the Philippines, including the Solaire property in Quezon City, northern Metro Manila. The deal will close next year. It also holds a stake at the Jeju Hotel & Casino, South Korea.

Razon, who also holds the controlling stake at global port giant International Container Terminal Services Inc., has been increasing investments in utilities over recent years. In June 2021, Trident Water, a subsidiary of his infrastructure-focused Prime Strategic Holdings, took control of Manila Water from Ayala Corp. According to Forbes ‘ real-time data, Razon has a net worth of $6.4 billion.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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