Bloomberry exiting Korean venture
MANILA, Philippines – Tycoon Enrique Razon Jr.-led Bloomberry Resorts Corp. has found a chance to exit its loss-making casino business in South Korea after 10 years of grappling with this challenging market.
Bloomberry has signed a deal to spin off and then sell its casino on Jeju Island held by its South Korean indirect subsidiary, Golden & Luxury Co., Ltd. (G&L).
READ: Weak VIP segment drags Bloomberry H1 income by 52%
G&L signed the share purchase agreement with a company called Gangwon Blue Mountain Co. Ltd.
No other details were provided on the buyer, who has paid a down payment of 500 million won (around P20.4 million).
Closing conditions
However, the transaction is still subject to closing conditions, including demerger, due diligence and regulatory approvals.
Since 2015, G&L has been operating Jeju Sun Hotel and Casino, located on the holiday island of Jeju in Korea.
The property consists of a 202-room hotel with 2,000 square meters of gaming operations. It has 36 gaming tables, 20 electronic gaming machines and four food and beverage outlets to service its hotel guests and casino players.
Financial drag
In 2018, a reorganization was implemented to separate the hotel and casino operations of Jeju Sun.
Over the last few years, Bloomberry has put the Jeju Island casino on the block as it has been a drag on its financial position.
This is especially since Bloomberry is grappling with a more challenging home market, marked by a big decline in VIP or high-roller foot traffic, in turn due to the reduction in tourist arrivals from China. The opening of other overseas markets has likewise made the gaming landscape more competitive, alongside the boom in online gaming.
Online gaming
Bloomberry, for its part, has joined the online gaming scene with the launch of its platform “MegaFUNalo!” in June.
It has likewise developed its second property, Solaire North in Quezon City, to diversify its market.
In its second quarter earnings report, Bloomberry said the gains from its second property had contributed to the performance of its Metro Manila mass gaming and nongaming revenue, which rose by 18 percent and 37 percent year-over-year, respectively.
For its part, Jeju Sun registered P2.5 million of gross gaming revenue in the second quarter of 2025, P33.2-million lower than the year-ago level. INQ
