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Manila Bulletin devider Business devider The Stock Market devider Bloomberry completes ₱400-million sale of Jeju casino business

Bloomberry completes ₱400-million sale of Jeju casino business

Published Mar 4, 2026 03:34 pm
Bloomberry Resorts Corp., the gambling empire controlled by billionaire Enrique Razon Jr., finalized its exit from the South Korean casino market after completing a KR₩10 billion (₱400 million) divestment of its Jeju Island gaming operations.
In a disclosure to the Philippine Stock Exchange on Wednesday, March 4, Bloomberry said that the deal involved a multi-step demerger and transfer of assets.
Bloomberry’s indirect subsidiary, Golden & Luxury Co. Ltd., transferred the gaming license and business of the Jeju Sun Hotel & Casino to an entity called Heaven Co. Ltd. Following this, Heaven Co. was sold to Blue One Ltd., which completed the total payment on Feb. 27. The final transfer of shares to the new owners was executed on March 4.
While Bloomberry has officially exited the gaming business in Jeju, it is not severing ties with the property entirely.
The company said its subsidiary will retain ownership of the real estate assets, including the gaming floor, which it has leased back to Heaven Co. under a temporary agreement. Heaven Co. also will continue to operate the casino on-site until it secures a new location.
Moreover, Bloomberry will continue to manage the hotel and food and beverage outlets at the Jeju Sun property.
The divestment is the end of a long-standing effort by Razon to offload the underperforming Korean asset. Bloomberry first attempted to sell its 96.23 percent stake in the integrated resort in 2016 to Iao Kun Group Holdings for roughly $102.5 million, though that deal eventually collapsed.
The Jeju operations have faced persistent headwinds, and while the unit returned to profitability following the pandemic, recent financial performance has been muted.
Jeju Sun reported earnings before interest, taxes, depreciation, and amortization of ₱41.4 million in its most recent filing, a sharp decline from the ₱89.4 million recorded in the second quarter of 2024.
Gross gaming revenue plummeted to ₱2.5 million, down from ₱35.7 million in the prior-year period. Total net revenue fell 20 percent year-over-year to ₱128.3 million, even as non-gaming revenue saw a marginal one percent increase to ₱126.2 million.
By shedding the Korean gaming license, Bloomberry is pivoting its resources toward its dominant position in the Philippines.
The company is currently focused on its flagship Solaire Resort Entertainment City in Parañaque and its recently opened Solaire Resort North in Quezon City. Capital from the divestment will also assist in funding a planned casino expansion in Cavite, south of Manila.

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Bloomberry Resorts Corporation Enrique K. Razon Jr. Jeju Sun Hotel & Casino
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