Philippines integrated resort operator Bloomberry Resorts Corp is again looking to sell its South Korean casino, Jeju Sun, some eight years after a previously agreed sale fell through, local media is reporting.
According to the Inquirer, Bloomberry – better known as the parent company of Philippines industry leader Solaire Resort Entertainment City – has put Jeju Sun on the market with a view to focusing all of its energies on domestic expansion. The company is due to open its second Manila IR, Solaire Resort North, next month and has announced plans for a third to the south in Cavite.
Jeju Sun has been a loss-making exercise for Bloomberry, most recently reporting a US$911,000 EBITDA loss in the September 2023 quarter of gross gaming revenues of just US$262,000.
The Inquirer quoted Juan Paolo Colet, Managing Director at investment bank China Bank Capital Corp, as commenting, “The Korea operations have been a losing proposition for Bloomberry, so it makes sense for them to divest from that market. At this time, Bloomberry is more focused on domestic growth, but I will not be surprised if they eventually reinvigorate their international strategy.”
Bloomberry had announced in 2016 a deal to sell its 96.2% stake in Jeju Sun to Iao Kun Group – a former Macau junket investor – but the deal ultimately collapsed. Bloomberry Chairman and CEO Enrique Razon Jr said at the time that he was “not in a hurry” to sell his Korean investment.
