Bloomberry Group willing to sell stake in Jeju Sun Hotel and Casino

Bloomberry Resorts Corp, a Philippine casino operator and developer, has indicated its willingness to potentially divest its stake in Jeju Sun Hotel & Casino in Jeju, South Korea.

In a filing to the Philippine Stock Exchange on Thursday, the company acknowledged receiving several expressions of interest and offers in the past regarding the South Korean complex. This clarification comes in response to an article published by the Philippine Inquirer newspaper, suggesting Bloomberry’s intention to sell the property.

However, Bloomberry emphasized in its latest filing that while there is growing interest from potential buyers, there is currently no imminent deal for the sale of Jeju Sun Hotel & Casino.

Controlled by entrepreneur Enrique Razon, Bloomberry operates the Solaire Resort & Casino in Manila and is developing a casino resort project in Vertis, Quezon City, slated to open in the first half of this year.

The Jeju property comprises a 202-room hotel with a 2,000-square-meter (21,527 sq ft) casino, featuring 36 gaming tables and 20 electronic gaming machines, according to Bloomberry’s third-quarter 2023 earnings filing.

Although Bloomberry had announced a deal in 2016 to sell the complex to former Macau junket investor Iao Kun Group Holding Co Ltd, the agreement fell through within six months due to funding issues on the buyer’s end.

Despite initial setbacks, Bloomberry continued to operate Jeju Sun, indicating in December of the same year that it was not actively seeking new buyers as the business was gradually gaining momentum.

The property underwent extensive renovations, completed in December 2019, as confirmed by Bloomberry. However, the South Korean operation still reported a net loss of PHP86.2 million for the third quarter of 2023, as per Bloomberry’s latest quarterly results.

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