South Korean cosmetics company CSA Cosmic is set to become the largest shareholder of the Jeju Island Blue One casino, planning to invest 3.5 billion Korean Won to attract global VIP tourists for extended stays by combining high-end beauty and leisure services. The casino, formerly known as Jeju Sun, reopened on March 16 under a new brand, with the previous owner, Philippine Bloomberry Resorts, officially exiting the Korean market. Simply put, the new owner wants to upgrade the casino from a 'quick in and out' single model to a 'beauty + gambling' high-end leisure destination.
New management steps in: 3.5 billion Korean Won added to create "K-Beauty + VIP services"
CSA Cosmic will invest 3.5 billion Korean Won in Blue One, of which 1.3 billion Korean Won will be used to purchase convertible bonds and 2.2 billion Korean Won as a cash loan, subsequently becoming the largest shareholder through debt-to-equity conversion. Blue One plans to split its hotel and casino departments, with CSA Cosmic acquiring the casino department. The company states that this move is not just a simple external expansion but a "structural growth foundation ensuring the integration of beauty and leisure," aiming to maximize synergistic effects through brand integration and new business. The new operator plans to launch packages combining "K-beauty content" and "global customer high-end VIP travel services," guiding tourists to extend their stay and increase per capita spending.
Lessons from the predecessor: South Korea restricts local gambling, Bloomberry fails
Bloomberry acquired Jeju Sun (formerly THE Hotel Vegas) in 2015, later admitting that the investment was a mistake due to South Korea's tough stance on local gambling. Only one casino in Gangwon Province is allowed for locals. Bloomberry's chairman once stated, "If locals can't play, it can never be a real resort, just a niche player." In the first half of 2025, Jeju Sun's gambling revenue was only 6.2 million pesos, a sharp drop from 45.1 million pesos; hotel and dining revenue was 183.3 million pesos, a slight increase of 1.1%. Last month, KH Holdings acquired the property for 7 billion Korean Won, with the remaining 3 billion Korean Won to be paid by February 2027.
Strategic shift: From "shopping tourism" to "experience entertainment"
KH Holdings observes that tourism consumption patterns are shifting from "shopping-led tourism" to "experience and entertainment-oriented tourism." Blue One will promote a "stay-oriented tourism model," encouraging foreign tourists to extend their stay and increase per capita spending, focusing on the high-end table game market to achieve sustained growth and profitability. Want to keep up with the latest trends in the Asian casino market? PASA official website continues to track.
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