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Bloomberry Resorts Corp. has completed its exit from the South Korean casino market, finalising a share purchase agreement that transfers the gaming licence and operations of Jeju Sun Hotel & Casino to a newly established entity, Heaven Co. Ltd.
The Transaction
The deal was structured through Bloomberry’s indirect subsidiary, Golden & Luxury Co. Ltd., and buyer Gangwon Blue Mountain Co. Ltd. Under the agreement, Heaven Co. was incorporated as the vehicle to hold the gaming licence and casino operations. Ownership of Heaven Co. has now passed to the buyer, which has been renamed Blue One Ltd.
Blue One completed an initial payment of KRW7bn (US$5.2m) on closing. A remaining balance of KRW3bn (US$2.2m) is due to be settled by 27 February 2027, bringing the total consideration to KRW10bn (approximately US$7.4m).
Bloomberry retains ownership of the underlying real estate at Jeju Sun, including the gaming floor space. Those facilities will be leased to Heaven Co., which will continue operating the casino on a transitional basis until it secures and relocates to a new site.
The Asset
Jeju Sun Hotel & Casino is a 202-room integrated resort on Jeju Island, operating gaming tables, slot machines, and food and beverage outlets. The property is one of several foreigner-only casino venues operating on the island, which has historically served as a secondary gaming destination for Chinese and other regional visitors alongside South Korea’s mainland foreigner-only market.
The asset had been identified as loss-making ahead of the divestment, with Bloomberry signalling its intention to sell the property earlier. The Jeju market has faced sustained pressure from softening Chinese tourist flows and broader regional competition from integrated resorts in the Philippines, Singapore, and Macau.
Bloomberry’s Refocused Position
The exit consolidates Bloomberry’s portfolio around its Philippine operations. The group operates Solaire Resort Entertainment City and Solaire Resort North, both in the Philippines, as its core integrated resort assets. The company has also been developing its digital presence through MegaFUNalo!, its online gaming platform targeting the domestic Philippine market.
The divestment removes ongoing losses from a subscale island casino while preserving a rental income stream from the retained real estate. With the Jeju exit complete, Bloomberry’s capital and management attention shift fully to its home market, where competition among Philippine integrated resorts has intensified as the country positions itself to capture a larger share of Asian gaming demand.
The next test for the group is whether Solaire’s performance — which has faced headwinds from softer VIP and premium mass segments — can recover as regional travel patterns normalise.
Source: G3 Newswire
