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Manila Bulletin devider Business devider The Stock Market devider Razon secures buyer for Jeju Island casino

Razon secures buyer for Jeju Island casino

Published Oct 27, 2025 09:40 am
Bloomberry Chairman Enrique K. Razon Jr.
Bloomberry Chairman Enrique K. Razon Jr.
Jeju Sun Hotel & Casino
Jeju Sun Hotel & Casino
Ports, gaming, and infrastructure magnate Enrique K. Razon Jr. has found a buyer for his casino in South Korea, Jeju Sun Hotel & Casino, which is owned through an indirect subsidiary of Bloomberry Resorts Corp.
In a disclosure to the Philippine Stock Exchange (PSE), Bloomberry said its South Korean indirect subsidiary, Golden & Luxury Co. Ltd., has signed a share purchase agreement (SPA) with Gangwon Blue Mountain Co. Ltd.
Under the SPA, Golden & Luxury Co. will spin-off or demerger its casino business to a separate new company and then sell the said new company to Gangwon Blue Mountain, which has paid a down payment of 500 million South Korean won, or about ₱20.5 million.
“The completion of the transaction and payment of the purchase price shall be conditioned on completion of the demerger, due diligence, and regulatory approvals,” said Bloomberry, without disclosing the purchase price.
The sale of Jeju Sun will allow Bloomberry to concentrate on its operations in the Philippines, through Solaire Entertainment City and the new Solaire North, as well as help fund a new casino, which will be opened in Cavite.
Chinabank Capital Corp. managing director Juan Paolo Colet said, “The sale is intended to cut losses and rechannel corporate resources to the Philippine operations. I don’t expect any capital gains from the divestment.”
“Nonetheless, this is a positive development for Bloomberry because it will be shedding a losing business, so that should improve consolidated EBITDA [earnings before interest, taxes, depreciation, and amortization] moving forward,” he added.
Unicapital Securities Inc. research analyst Jeri R. Alfonso noted that, “the plan to exit South Korea has been on the table for quite some time...but they haven’t found the right buyer yet.
"This is not exactly a surprise as Jeju Sun has been posting negative EBITDA for the past few years, and its first-half 2025 figures still show it running in the red.”
Jeju Sun is located in the popular tourist destination of Jeju Island. It is five minutes away from Jeju International Airport and 30 minutes away from Jeju’s most visited tourist attractions. It has over 200 rooms and a casino with 47 table games and 39 slot machines.
Bloomberry has been trying to sell the integrated resort (IR) since 2016, when it had initially planned to sell its 96.23-percent stake to Iao Kun Group Holding Co. Ltd. for $102.5 million. However, Razon later said that the deal did not push through.
In February last year, Bloomberry said it continued to be open to the possibility of selling its interest in Jeju Sun, and that there had been several expressions of interest and offers in the past.
It had noted that while there was still no imminent sale, there was growing interest in the property from potential buyers.
Operations of Jeju Sun has remained challenging after the pandemic, although it reported an EBITDA of ₱41.4 million in the second quarter of 2025, which was lower than the ₱89.4 million recorded in the second quarter of 2024.
It recorded gross gaming revenue (GGR) of ₱2.5 million, representing a decrease of ₱33.2 million from ₱35.7 million in the same quarter last year.
Non-gaming revenue was ₱126.2 million, up one percent from ₱125.5 million in the same quarter last year. Net revenue was ₱128.3 million, lower by 20 percent year-over-year.

Related Tags

Bloomberry Resorts Corporation Enrique K. Razon Jr. Jeju Sun Hotel & Casino Unicapital Securities Inc. Jeri Alfonso Chinabank Capital Corporation Juan Paolo Colet
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