Key Moments:
- Bloomberry Resorts Corp has confirmed the planned sale of Jeju Sun Hotel & Casino in South Korea.
- The transaction awaits due diligence, regulatory approval, and completion of a demerger, with a KRW500 million (US$348,820) down payment made.
- Jeju Sun continued to post losses, including a PHP64.2 million net loss in Q2 2025, prompting Bloomberry to refocus on its Philippine operations.
Strategic Withdrawal from Jeju Sun Casino
Bloomberry Resorts Corp has announced its intention to sell Jeju Sun Hotel & Casino, signaling an end to its South Korean venture after a decade of underperformance. The exit comes as the company moves to divest from a property that consistently fell short of expectations and profitability.
Sale Structure and Uncertainties
According to a filing with the Philippine Stock Exchange, Bloomberry’s subsidiary, Golden & Luxury Co Ltd, has entered into a share purchase agreement to demerge the Jeju Sun casino. This newly formed entity is set to be acquired by Gangwon Blue Mountain Co Ltd. The completion of the deal hinges on satisfactory due diligence, the necessary regulatory approvals, and the successful completion of the demerger. The purchase price has not been disclosed, although a KRW500 million (US$348,820) down payment has been received. It remains unclear whether the sale covers only the casino operations or also includes the hotel’s non-gaming assets.
| Key Property Details | Figures |
|---|---|
| Total Rooms | 202 |
| Gaming Space | 2,000 square metres |
| Table Games | 36 |
| Electronic Machines | 20 |
| Food and Beverage Outlets | 4 |
| Q2 2025 Net Loss | PHP64.2 million (US$1.1 million) |
| Q2 2024 Net Loss | PHP116.9 million |
Jeju Sun’s Performance and Divestment Rationale
Acquired and rebranded by Bloomberry in 2015, the Jeju Sun Hotel & Casino was unable to achieve sustained profitability. The casino, featuring 202 rooms and modest gaming space, reported a PHP64.2 million net loss during the second quarter of 2025, narrowing from a PHP116.9 million loss in the same period the previous year. Despite marketing and capital infusion, Jeju Sun remained a non-core asset compared to the company’s Philippine resorts, prompting Bloomberry to pursue a sale.
Focus Shifts to Core Philippine Market
The sale of Jeju Sun aligns with Bloomberry’s strategy to strengthen its position in the Philippines. The group’s flagship, Solaire Resort & Casino in Manila, remains a market leader. Its latest venture, Solaire Resort North in Quezon City, which launched last year, represents a major investment of US$1 billion. In the quarter ending 30 June 2025, Bloomberry reported a PHP1.41 billion net loss, a sharp reversal from the PHP1.34 billion profit recorded the previous year. The divestment from underperforming international assets is part of Bloomberry’s ongoing effort to optimize its portfolio.
Looking Ahead
Bloomberry’s experience in South Korea serves as a reminder of the challenges in international gaming markets. While the company’s withdrawal from Jeju Sun allows renewed focus on its core markets, questions remain regarding its future plans for overseas expansion.
- Author
Daniel Williams
