Bloomberry to sell Jeju Sun casino, signalling South Korean exit
Philippine casino operator Bloomberry Resorts Corporation has announced plans to spin off and sell its loss-making South Korean casino, Jeju Sun, to a local firm, as the operator aims to focus solely on the home market.
According to a recent company filing, Golden & Luxury Co., Ltd, which is part-owned by Solaire Korea, and is Bloomberry’s indirect South Korean subsidiary, entered into a Share Purchase Agreement (SPA) with Gangwon Blue Mountain Co. Under the deal, Golden & Luxury will first spin off its casino business into a newly established company, which will then be sold to the South Korean buyer.
Furthermore, Gangwon Blue Mountain Co. has already paid a down payment of KRW 500 million (€340,000). Completion of the sale and full payment will depend on the spin-off process being finalised, along with due diligence and regulatory approvals from South Korean authorities.
Bloomberry plans to cut losses
The planned divestment is widely seen as a practical move by Bloomberry to cut losses from its overseas operations. Jeju Sun has long struggled to turn a profit, with the company reporting an EBITDA loss of PHP 41.4 million (€608,000) for the second quarter of 2025.
Bloomberry itself reported a consolidated net loss of PHP 1.41 billion (€23.1 million) for the April to June 2025 period, reversing a PHP 1.34 billion profit from the same quarter a year earlier. While revenue rose by 3.6 percent to PHP 12.64 billion (€207 million), overall EBITDA dropped by more than 30 percent to PHP 2.54 billion (€41.6 million), with operating expenses climbing sharply by 17.5 percent to PHP 10.16 billion (€166.5 million).
Founded by billionaire businessman Enrique K. Razon Jr, Bloomberry is known for its flagship Solaire Resort & Casino in Manila’s Entertainment City – one of the Philippines’ most successful integrated resorts. In 2024, the company expanded domestically with the opening of the US$1-billion Solaire Resort North in Quezon City, signalling a growing focus on its core market.
Jeju Sun in trouble since 2015
By contrast, Jeju Sun has faced persistent headwinds since its acquisition in 2015. Located on South Korea’s popular holiday island of Jeju, the casino operates under a foreigners-only licence, preventing local residents from gambling on the premises.
In a 2020 interview, Razon admitted the investment “wasn’t a wise decision” due to those restrictions, noting that “if locals cannot play, then you can never make a real property, a real resort.” The casino, he added, was “sort of like a niche player” that struggled to grow under such limitations. Bloomberry nearly sold Jeju Sun once before in 2016, when it entered talks with Hong Kong-based Iao Kun Group Holding Company. However, that deal collapsed after the buyer failed to secure financing.
This time, the proposed sale to Gangwon Blue Mountain appears to have a more straightforward path, though it remains subject to approval. If completed, it will allow Bloomberry to fully exit the South Korean market fully, enabling the company to focus resources on its profitable Philippine ventures and potentially new opportunities within the domestic integrated resort sector.
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