In a stock exchange filing on Monday, Bloomberry said its South Korean subsidiary, Golden & Luxury Co. Ltd., which is the operator of Jeju Sun Hotel & Casino, struck a share purchase agreement with Gangwon Blue Mountain Co. Ltd. to spin off and sell its casino unit.
The buyer has paid a down payment of 500 million Korean won (P20.5 million), with the deal’s completion subject to due diligence, regulatory approval, and final payment.
Bloomberry entered South Korea in 2015 via the rebranded Jeju Sun resort. The 202-room property features gaming tables, slot machines, and several dining outlets.
Analysts’ view
“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,” said Alfred Benjamin R. Garcia, head of research at AP Securities Inc.
Jeju Sun, whose operations have yet to recover from the pandemic, earned P128.7 million in combined gaming and non-gaming revenues during the second quarter of 2025.
This is equivalent to less than 1 percent of Bloomberry’s total revenues during the period.
Is Razon exiting South Korea?
While Razon has been trying to sell off the Jeju Sun for the better part of the last decade after an unsuccessful attempt in 2016, his company maintains other investments in South Korea.
In 2016, Bloomberry’s Korean subsidiary established Muui Agricultural Corp., which owns agricultural land in the Muui and Silmi islands.
Both Muui Island and Silmi Island are small islands off South Korea’s west coast in the Yellow Sea, located near Incheon International Airport.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
