Solaire operator Bloomberry Resorts Corporation has revealed plans to spin-off and sell its Korean casino, Jeju Sun, to a local firm.
The company revealed via a filing that its indirect South Korean subsidiary Golden & Luxury Co., Ltd – which is also part-owned by another Bloomberry subsidiary, Solaire Korea – had signed a Share Purchase Agreement under which it will spin-off its casino business to a separate new company and then sell this new company to an entity called Gangwon Blue Mountain Co.
The buyer has, it added, paid a down payment of KRW500 million (US$350,000). Completion of the sale and payment of the full purchase price remains dependent on the spin-off being completed, plus due diligence and regulatory approvals, Bloomberry added.
The sale of Jeju Sun comes as no surprise given the casino has long been loss-making, most recently reporting an EBITDA loss of Php41.4 million (US$706,000) for the June 2025 quarter.
In a 2020 interview with Inside Asian Gaming, Bloomberry’s Chairman and CEO, Enrique K Razon Jr, said the 2015 purchase of Jeju Sun “wasn’t a wise investment because so far it’s foreigners only. If locals cannot play, then you can never make a real property, a real resort. It will always be small, sort of like a niche player, and you’ll probably have difficulty growing from there.”
Bloomberry came close to selling the property in 2016 before the buyer, Iao Kun Group Holding Company, pulled out for failure to secure necessary financing.
RelatedPosts
