Razon firm gains control of Korea casino

Enrique Razon Jr.   FILE PHOTO

MANILA, Philippines–Bloomberry Corp. of tycoon Enrique Razon Jr. has struck a deal to buy up to 92 percent of the company that operates T.H.E. Hotel & Vegas Casino on Jeju Island, South Korea.

Bloomberry, the operator of Solaire Resort & Casino in Manila, has also stepped up its landbanking activities in South Korea by signing a deal to purchase Silmi Island. The 20.96-hectare island is adjacent to the 12.2-hectare property on Muui Island, for which Bloomberry separately signed a purchase agreement.

“Solaire is on a trajectory of growth, and we are now slightly shifting our focus to other destinations. Although this will happen in the next few years, it is good business to start prospecting, and Korea is a likely choice because of its positive investment climate,” said Razon, Bloomberry chair and chief executive officer.

In a disclosure to the Philippine Stock Exchange on Tuesday, Bloomberry said its subsidiary Solaire Korea Co. Ltd. had signed an agreement with a group of shareholders of Golden & Luxury Co. Ltd. (G&L) for the acquisition of up to 92 percent stake in G&L, which owns and operates T.H.E. Hotel & Vegas Casino.

According to some online booking sites, T.H.E. Hotel & Vegas Casino is a four-star establishment with 224 rooms and gaming facilities.

“The agreement is subject to … several conditions,” Bloomberry said, adding that it would disclose the details once appropriate approvals had been obtained.

The acquisition of Silmi Island were separately disclosed by Bloomberry to the Philippine Stock Exchange on Tuesday.

Silmi Island is also within the coverage of the Incheon Free Economic Zone. Bloomberry said the area would be developed into a “leisure and tourism complex with entertainment facilities and mixed-use developments.”

Last January, Bloomberry signed four real estate sales agreements with several landowners for the purchase of land in Muui, also known as Muuido Island.

With this offshore expansion, Bloomberry is expected to replicate the success of its Solaire Resort & Casino—its first integrated gaming resort—in South Korea.

Analysts are optimistic that Bloomberry can successfully enter new markets, citing how Razon built International Container Terminal Services Inc. into a global corporation.