After a decade of managing a loss-making on line casino in South Korea, Bloomberry Resorts Corporation, led by tycoon Enrique Razon Jr., is formally divesting its gaming enterprise on Jeju Island. The Philippine-based firm confirmed that it has entered into an settlement to spin off and promote its South Korean on line casino operation to Gangwon Blue Mountain Co. Ltd.
In a disclosure to the Philippine Stock Exchange, Bloomberry introduced that its oblique South Korean subsidiary, Golden & Luxury Co., Ltd., had executed a share buy settlement with Gangwon Blue Mountain Co. Ltd. The transaction entails the spinoff of Jeju Sun’s on line casino division right into a newly created entity, which is able to then be offered to the Korean purchaser, in response to the Philippine Daily Inquirer.
As a part of the deal, Gangwon Blue Mountain Co. has paid a down cost of KRW 500 million (roughly PHP 20.5 million or USD 350,000). However, the completion of the sale stays contingent on a number of situations, together with the profitable completion of the demerger, regulatory clearance, and due diligence.
While the corporate has not disclosed the total buy value, it clarified that the switch will proceed solely as soon as all necessities have been met.
Jeju Sun: A Decade of Challenges and Modest Returns
Bloomberry entered the South Korean market in 2015 with the acquisition of what was then referred to as T.H.E. Hotel & LVegas Casino, later rebranded as (*10*). The resort incorporates a 202-room lodge, about 2,000 sq. meters of gaming house, 36 gaming tables, 20 digital gaming machines, and 4 eating retailers.
Despite its dimension and facilities, Jeju Sun struggled to turn out to be worthwhile. The property persistently underperformed in comparison with Bloomberry’s flagship Solaire Resort & Casino in Manila. In the second quarter of 2025 alone, Jeju Sun posted an EBITDA lack of PHP 41.4 million (USD 706,000) and generated solely PHP 128.7 million in whole gaming and non-gaming income, representing lower than one p.c of Bloomberry’s total earnings for that interval.
In 2018, Bloomberry reorganized the resort to separate its lodge and on line casino operations in a bid to streamline administration and enhance efficiency. Nevertheless, profitability remained elusive—an end result Chairman and CEO Enrique Ok. Razon Jr. had foreseen years earlier.
In a 2020 interview, Razon acknowledged that the Jeju Sun acquisition “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.”
Analysts View Sale as Strategic Refocus
Industry analysts contemplate the divestment a strategic step towards reinforcing Bloomberry’s core operations in the Philippines. Alfred Benjamin R. Garcia, head of analysis at AP Securities Inc., famous that “Jeju Sun has always underperformed compared to BLOOM’s flagship business in the Philippines, and we believe it will be a positive for the company to focus on strengthening its Philippine business.”
The sale underscores Bloomberry’s renewed dedication to its increasing home portfolio, notably after the launch of Solaire Resort North, a USD 1-billion luxurious property in Quezon City.
Earlier Attempts and Other Korean Interests
This is just not the primary time Bloomberry has sought to dump its Jeju funding. The firm almost offered the property in 2016 to Iao Kun Group Holding Company, however the deal fell by means of when the customer did not safe financing.
Despite its impending exit from the on line casino market, Bloomberry will retain different property in South Korea. In 2016, its subsidiary Muui Agricultural Corp. acquired agricultural land on Muui and Silmi Islands, small islets situated off South Korea’s west coast close to Incheon International Airport.
A Strategic Retreat
Bloomberry’s departure from Jeju marks the tip of a difficult chapter for the Philippine gaming big. The Jeju Sun property, lengthy thought-about a drag on the corporate’s stability sheet, will quickly switch possession to Gangwon Blue Mountain Co., pending regulatory approval.
For Bloomberry, the transfer clears the trail to pay attention sources and funding in its extra worthwhile ventures—most notably in the Philippine gaming market, the place its Solaire model continues to drive the corporate’s development and worldwide fame.
