Philippine integrated resort operator Bloomberry Resorts Corp. has signed an agreement to sell its loss-making casino resort Jeju Sun in Jeju Island, South Korea, to Gangwon Land Inc. The transaction is carried out through its subsidiary Golden & Luxury Co Ltd, adopting a business spin-off followed by equity transfer approach. The buyer has paid a deposit of $350,000, and the final completion of the transaction is subject to conditions such as the spin-off and regulatory approvals. This sale marks the end of Bloomberry's decade-long operation in the Korean market, focusing resources on its domestic operations in the Philippines, including the Manila Solaire Resort and the newly launched online platform Solaire Online.
Transaction Details and Background
Bloomberry, through its Korean subsidiary Golden & Luxury, signed a share purchase agreement with Gangwon Land Inc., planning to first spin off the Jeju Island casino business into an independent company before implementing the equity transfer. The buyer has paid a deposit of 500 million Korean Won (approximately $350,000), and the final completion of the transaction is subject to conditions such as business spin-off and approval from regulatory authorities. Bloomberry acquired the property in 2015 and nearly sold it to Iao Kun Group for 117.5 billion Korean Won in 2016, but the transaction was halted due to the buyer's financial issues. The sale aims to terminate the continuous losses of this business.
Business Performance and Reasons for Exit
The Jeju Sun Resort has been underperforming for a long time, with revenue in the second quarter of 2025 plummeting by 93% year-over-year to 2.5 million pesos, directly leading to a net loss of 1.4 billion pesos for Bloomberry in the same period. Chairman Enrique Razon Jr. has openly stated that Korean policies restricting local residents from entering casinos have made it difficult for the resort to achieve economies of scale, serving only a niche market. Similar policies have also affected other international operators, such as the Mohegan Tribe's Inspire project in Incheon, which was taken over by Bain Capital due to debt issues. Market constraints are the main reason for Bloomberry's exit from Korea.
Strategic Adjustment and Future Focus
After selling its Korean business, Bloomberry will fully focus on the development of the Philippine market. Its core assets include the Solaire Resort in Manila's Entertainment City and the Solaire North project in Quezon City, opening in May 2024. The company recently launched the online gambling platform Solaire Online, further expanding its digital business. Analysts point out that divesting loss-making assets helps the company optimize resource allocation and improve overall profitability. Future strategies will focus on deep development of the domestic market and innovation in online business.
