Bloomberry sells Korean casino

RAZON-led Solaire Korea Co. Ltd. has pared down its exposure in South Korea with the sale of its interest in the Jeju Sun Hotel & Casino.

In a disclosure to the Philippine Stock Exchange on Thursday, Bloomberry said its offshore unit Solaire Korea Co. Ltd. had entered into an agreement to sell its 96.23 percent stake in Golden & Luxury Co. Ltd. to the Iao Kun Group for 117.5 billion Korean won (P4.7 billion).

The deal is seen to boost Bloomberry’s financial position given the financial hemorrhage of its Korean operations.

The agreement is subject to several conditions, including the results of a due diligence audit on the assets alongside regulatory approvals.

“Iao Kun desires to enter into the Jeju market and is confident that it can attract its Chinese VIP customers to Jeju Island,” the disclosure said.

“Solaire Korea, on the other hand, intends to focus its efforts on the development of its property in Muui and Silmi Islands,” it added.

Bloomberry chair Enrique Razon Jr. earlier said he was expecting a financial turnaround in the company’s South Korean operations, hopefully within this year.//30