Bloomberry Resorts Corp. has acknowledged that it is “open to the possibility of selling its interest” in the Jeju Sun Hotel & Casino in Jeju, South Korea.
In a February 29 filing to the Philippine Stock Exchange, the hospitality giant owned by billionaire Enrique Razon said it had received “several expressions of interest and offers.”
According to GGRAsia, it added, “There is no imminent deal with respect to the sale of Jeju Sun Hotel & Casino although there is growing interest on the property from potential buyers.”
Bloomberry runs the Solaire Resort & Casino in Manila’s Entertainment casino zone. The company is also developing a casino resort in Vertis, Quezon City, expected to open by July.
Jeju Sun features a 202-room hotel and a 21,500-square-foot casino with 36 gaming tables and 20 electronic gaming machines.
It’s not the first time Bloomberry has tried to sell the IR. In 2016, it agreed to sell the complex to former Macau junket investor Iao Kun Group. But Iao Kun “failed to raise the funding necessary to consummate the sale,” Bloomberry stated.
At the time, Razon said Bloomberry was “not in a hurry” to look for new buyers, as the business in Jeju was starting to improve. But in the third quarter of 2023, the resort posted a net loss of PHP86.2 million (US$.1.5 million).
