Bloomberry Resorts to sell Jeju Sun casino in South Korea

The Philippine operator aims to focus solely on its home market.

The Philippines.- Bloomberry Resorts has announced plans to spin off and sell its Korean casino, Jeju Sun. In a filing to the Philippine Stock Exchange, the company said that its South Korean indirect subsidiary, Golden & Luxury Co Ltd, had signed a share purchase agreement under which it would demerge the Jeju casino business into a separate company. The new company will then be sold to an entity called Gangwon Blue Mountain Co Ltd.

The buyer has made an initial payment of KRW 500m (US$348,820). The transaction is still subject to closing requirements. The purchase price was not disclosed in the filing, which does not specify whether the deal is only for the casino operation or the entire complex, including non-gaming facilities.

The decision is seen as a practical move by Bloomberry to cut losses from its overseas operations and focus on domestic expansion. The group’s flagship property is Solaire Resort & Casino at Entertainment City in the Philippine capital.

Bloomberry has been operating Jeju Sun Hotel and Casino since 2015. Located on the holiday island of Jeju, the property consists of a 202-room hotel and 2,000 square metres of gaming operations. It has 36 gaming tables, 20 electronic gaming machines and four food and beverage outlets.

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The Philippine operator aims to focus solely on its home market. The Philippines.- Bloomberry Resorts has announced plans to spin off and sell its Korean casino, Jeju Sun. In a…