Bloomberry Sells Jeju Sun Casino for $348M, Exits South Korea
Bloomberry Resorts Corporation has announced the sale of its South Korean casino business, Jeju Sun Hotel & Casino, to an entity called Gangwon Blue Mountain Co., Ltd. The transaction, valued at 500 million Korean yuan (approximately US$348,794), follows Bloomberry's decision to refocus on its Philippine operations. The completion of the deal is subject to certain conditions, including regulatory approvals.
Bloomberry's Chairman, Enrique Razon, admitted that the foreigners-only policy at Jeju Sun had not been a wise investment strategy. The casino, located on the island of Jeju, had underperformed due to this restriction, as it limited the potential customer base. Meanwhile, Mohegan Gaming & Entertainment, which had partnered with Bloomberry in the past, has faced its own challenges. Mohegan's Inspire casino at Incheon International Airport struggled due to a similar foreigners-only policy, leading to Mohegan's loss of control over the property. Ray Pineault, Mohegan's CEO, recently announced his retirement.
The sale of Jeju Sun to Gangwon Blue Mountain Co., Ltd. marks Bloomberry's exit from the South Korean market. The transaction, once completed, will allow Bloomberry to focus on its core Philippine operations. Meanwhile, the future of Jeju Sun under its new ownership remains to be seen, as details about Gangwon Blue Mountain Co., Ltd. are currently scarce.
