By Ditas Lopez
(Bloomberg) — Billionaire Enrique Razon plans to invest in the casino venture of businessman Dennis Uy, a long-time supporter of President Rodrigo Duterte. Shares of Uy’s PH Resorts Group Holdings Inc. jumped.
Razon’s Bloomberry Resorts Corp. said it has signed a term sheet with a PH Resorts unit to spell out the terms of its proposed investment in casino resorts being built by PH Resorts in the provinces of Cebu in central Philippines and Pampanga north of Manila.
The agreement will pave the way for Razon’s entry into the developers of the resorts, Bloomberry, which operates the Solaire Resort and Casino in Manila’s Entertainment City suburb, said in a stock exchange filing.
PH Resorts rose as much as 18% in Manila trading, while Bloomberry was up as much as 8.2%, bucking the Philippine stock index’s 0.6% drop.
Uy’s PH Resorts in October announced that it suspended the development of its resort in Clark Global City due to uncertainties in the gaming industry amid the Covid-19 pandemic. In November, it said it’s talking with lenders to get additional debt and defer payments. Duterte awarded his government’s first casino permit to Uy in 2017.
—With assistance from Cecilia Yap.
© 2022 Bloomberg L.P.