Reyes pulled off an 11-10 hair-raiser to stay undefeated together with US-based Filipino veteran player Jose "Amang" Parica.
Day Five of the tourney also saw the fall of six-time US Open champion Earl "The Pearl" Strickland.
Bustamante appeared headed for the win when he got to the hill first at 10-9 and was breaking for the match.
Alas, luck proved to be not on Bustamante’s side as he found no easy shot after the break.
A missed 1-7 carom sent Reyes back to the table and Bustamante could only watch as The Magician made the remaining ball disappear as well as the balls in the next rack for the stirring win.
Reyes actually took the early 3-0 lead and held sway for most of the match. But towards the end, Bustamante made a run, winning four straight racks including a $500 9-ball break.
Other players remaining undefeated on Friday evening were Niels Feijen, Jimmy Wetch, Danny Hewitt, Ralf Souquet, Joey Korsiak, Rodney Morris, Fabio Petroni, John Horsfall and Jeremy Jones.
Strickland fell to Fabio Petroni on the winners side and then to Danny ‘Kid Delicious’ Basavich on the one-loss side to bow out of the fight for the championship.