After a decade of managing a loss-making casino in South Korea, Bloomberry Resorts Corporation, led by tycoon Enrique Razon Jr., is officially divesting its gaming business on Jeju Island. The Philippine-based company confirmed that it has entered into an agreement to spin off and sell its South Korean casino operation to Gangwon Blue Mountain Co. Ltd.
In a disclosure to the Philippine Stock Exchange, Bloomberry announced that its indirect South Korean subsidiary, Golden & Luxury Co., Ltd., had executed a share purchase agreement with Gangwon Blue Mountain Co. Ltd. The transaction involves the spinoff of Jeju Sun’s casino division into a newly created entity, which will then be sold to the Korean buyer, according to the Philippine Daily Inquirer.
As part of the deal, Gangwon Blue Mountain Co. has paid a down payment of KRW 500 million (approximately PHP 20.5 million or USD 350,000). However, the completion of the sale remains contingent on several conditions, including the successful completion of the demerger, regulatory clearance, and due diligence.
While the company has not disclosed the full purchase price, it clarified that the transfer will proceed only once all requirements 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 known as T.H.E. Hotel & LVegas Casino, later rebranded as Jeju Sun Hotel & Casino. The resort features a 202-room hotel, about 2,000 square meters of gaming space, 36 gaming tables, 20 electronic gaming machines, and four dining outlets.
Despite its size and amenities, Jeju Sun struggled to become profitable. The property consistently underperformed compared to Bloomberry’s flagship Solaire Resort & Casino in Manila. In the second quarter of 2025 alone, Jeju Sun posted an EBITDA loss of PHP 41.4 million (USD 706,000) and generated only PHP 128.7 million in total gaming and non-gaming revenue, representing less than one percent of Bloomberry’s overall earnings for that period.
In 2018, Bloomberry reorganized the resort to separate its hotel and casino operations in a bid to streamline management and improve performance. Nevertheless, profitability remained elusive—an outcome Chairman and CEO Enrique K. 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 consider the divestment a strategic step toward reinforcing Bloomberry’s core operations in the Philippines. Alfred Benjamin R. Garcia, head of research at AP Securities Inc., noted 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 commitment to its expanding domestic portfolio, particularly after the launch of Solaire Resort North, a USD 1-billion luxury property in Quezon City.
Earlier Attempts and Other Korean Interests
This is not the first time Bloomberry has sought to offload its Jeju investment. The company nearly sold the property in 2016 to Iao Kun Group Holding Company, but the deal fell through when the buyer failed to secure financing.
Despite its impending exit from the casino market, Bloomberry will retain other assets in South Korea. In 2016, its subsidiary Muui Agricultural Corp. acquired agricultural land on Muui and Silmi Islands, small islets located off South Korea’s west coast near Incheon International Airport.
A Strategic Retreat
Bloomberry’s departure from Jeju marks the end of a challenging chapter for the Philippine gaming giant. The Jeju Sun property, long considered a drag on the company’s balance sheet, will soon transfer ownership to Gangwon Blue Mountain Co., pending regulatory approval.
For Bloomberry, the move clears the path to concentrate resources and investment in its more profitable ventures—most notably in the Philippine gaming market, where its Solaire brand continues to drive the company’s growth and international reputation.
