Filipino gaming and resort company Bloomberry Resorts Corp., led by tycoon Enrique Razon Jr., announced plans to sell its Jeju Sun Hotel & Casino in South Korea, marking nearly a decade of struggling to find a buyer for the property.
In a recent filing with the Philippine Stock Exchange, Bloomberry stated that its South Korean unit, Golden & Luxury Co. Ltd., signed a share purchase agreement with Gangwon Blue Mountain Co. Ltd. The buyer has paid a down payment of 500 million Korean won (around 20.5 million Philippine pesos).
Key Takeaways:
- Bloomberry plans to sell Jeju Sun Casino after nearly a decade of struggle
- Sale aims to strengthen its domestic operations in the Philippines
- Company retains other Korean assets while expanding in the Philippine market
However, the deal remains subject to due diligence, regulatory approval and completion of the full payment.
Refocus on Home Market After Move to Sell Jeju Sun Casino
Bloomberry acquired the Jeju Sun property in 2015. The 202-room hotel and casino, located near Jeju International Airport, houses gaming tables, slot machines and multiple dining options. Despite early expectations, the casino consistently underperformed compared with Bloomberry’s flagship operations in the Philippines, per Insider PH.
The Head of Research at AP Securities Inc., Alfred Benjamin R. Garcia, noted the sale could enable the company to concentrate on its Philippine business. Jeju Sun’s revenue in the second quarter of 2025 amounted to 128.7 million pesos, less than 1% of Bloomberry’s total revenue for the period.
Previous attempts to sell the property were paused in 2017 amid improving local conditions, reported by GMA News Online. However, the casino’s post-pandemic recovery has faced multiple challenges, limiting growth potential.
Korean Land Holdings Retained as Philippine Growth Accelerates
Though Bloomberry plans to exit the Jeju Sun casino, it retains other Korean assets, including agricultural land on Muui and Silmi islands near Incheon International Airport. This suggests the company is scaling back its gaming presence rather than leaving the South Korean market entirely.
Meanwhile, Bloomberry has been expanding in the Philippines. It completed the Solaire Resort North project in Quezon City in 2024, focusing on mass-market gamblers. In early 2024, Bloomberry also reported a 24% rise in slot revenue, reflecting strong domestic demand.
