Sale of Bloomberry’s Korean casino falls through
Integrated gaming resort developer Bloomberry Resorts Corp. has shelved its plan to divest its interest in Jeju Sun Hotel & Casino in South Korea.
Bloomberry chair Enrique Razon Jr. told reporters at the sidelines of the Pilipinas 2016 Conference on Thursday: “We had a sale already done but it fell through,” adding that the buyer had run out of money.
The company’s offshore unit Solaire Korea Co. Ltd. entered into an agreement last June to sell its 96.23 percent stake in Golden & Luxury Co. Ltd. to the Iao Kun Group for 117.5 billion Korean won or P4.7 billion.
Razon said Bloomberry was “not in a hurry” to look for new buyers now as business was slowly starting to pick up in Jeju.
In its home market, business has likewise rebounded, resulting in Bloomberry’s return to profitability whether or not it pares down its Korean exposure.
The developer of Solaire Resorts chalked up P1.59 billion in net profit in the first nine months, reversing the P1.51 billion net loss in the same period last year, on record-high gaming and non-gaming revenues. In the third quarter alone, Bloomberry booked P1.42 billion in net profit, a turnaround from the P189 million net loss in the same period last year.
