Bloomberry Confirms Sale of Jeju Sun Casino in South Korea

Bloomberry Resorts Corp has taken another step in reshaping its regional portfolio, announcing that it will divest its Jeju Sun Hotel & Casino in South Korea through a structured sale agreement. The move comes as the Philippine gaming operator focuses more tightly on its domestic projects, including its Solaire resorts in Manila and Quezon City.

Good to Know

• The Jeju Sun casino business will be spun off and sold to Gangwon Blue Mountain Co Ltd.
• A down payment of KRW500 million (about US$349,000) has already been made.
• Completion of the sale depends on due diligence, regulatory approval, and demerger finalization.

Bloomberry revealed in a filing to the Philippine Stock Exchange that its indirect South Korean unit, Golden & Luxury Co Ltd, signed a share purchase agreement to create a new company through a demerger of the Jeju operation. The new entity will then be sold to Gangwon Blue Mountain Co Ltd, marking the end of Bloomberry’s nearly decade-long presence on the island.

Inside the Deal

While the filing did not specify the final purchase price, it confirmed that Gangwon Blue Mountain Co Ltd had made an initial payment as part of the agreement. The remaining balance will depend on the completion of several procedural and regulatory steps.

Bloomberry clarified that the transaction involves the Jeju casino operation but did not specify if the deal includes the entire Jeju Sun Hotel complex or only its gaming section.

The Jeju Sun property features a 202-room hotel, roughly 2,000 square metres of gaming space with 36 tables and 20 electronic machines, and multiple food and beverage outlets.

A Difficult Chapter for Jeju Operations

Bloomberry first entered South Korea in 2015 when it purchased the property—then operating as “T.H.E Hotel” and “LVegas Casino”—and rebranded it to Jeju Sun Hotel & Casino. However, the investment never achieved the returns Bloomberry anticipated.

In the second quarter of 2025, the property posted a net loss of PHP64.2 million (US$1.1 million), following a PHP116.9 million loss in the same period the previous year. These continued declines reflect the broader struggles of South Korea’s foreigner-only casino market, which has faced challenges from pandemic-era travel restrictions and slower tourism recovery.

Bloomberry Refocuses on Philippine Growth

The sale aligns with Bloomberry’s long-term focus on its home market, where it operates flagship integrated resorts under the Solaire brand. The company recently reported a consolidated net loss of PHP1.41 billion for the second quarter, compared with a profit of PHP1.34 billion in the same quarter a year earlier.

Despite that loss, Bloomberry remains bullish on its domestic expansion. In 2024, it launched the US$1 billion Solaire Resort North in Quezon City, adding a major property outside Metro Manila to complement its Entertainment City flagship. The new complex positions the company to capture the growing premium mass gaming market in the Philippines.

FAQ

Who is buying Jeju Sun Hotel & Casino?

An entity called Gangwon Blue Mountain Co Ltd has agreed to purchase the Jeju casino business after its separation from Bloomberry’s South Korean subsidiary.

Is the entire hotel part of the sale?

Bloomberry has not clarified whether non-gaming operations such as the hotel and restaurants are included in the sale.

Why is Bloomberry selling the property?

The Jeju operation has posted consistent losses, and Bloomberry is redirecting focus toward its profitable Philippine developments.

What are Bloomberry’s main projects now?

The company operates Solaire Resort & Casino in Manila and recently launched Solaire Resort North in Quezon City.

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