Bloomberry Resorts Corp., the gaming company controlled by billionaire Enrique Razon Jr., has finalized its withdrawal from the South Korean casino market after completing the sale of its Jeju Island gaming operations. The move closes a chapter in the company’s overseas expansion and signals a renewed focus on its Philippine assets.

Ownership Transfer Ends Bloomberry’s Casino Operations in Jeju

The company confirmed the development in a disclosure to the Philippine Stock Exchange on March 4, outlining the completion of a multi-step transaction that transferred the gaming license and operations of the Jeju Sun Hotel & Casino to new owners.

The transaction involved Bloomberry’s indirect subsidiary Golden & Luxury Co. Ltd., which previously managed the Jeju operations. As part of the restructuring process, the gaming license and casino business were first separated from the subsidiary and moved to a newly created company called Heaven Co. Ltd. That entity was subsequently sold to Gangwon Blue Mountain Co. Ltd., which now operates under the name Blue One Ltd.

Blue One completed an initial payment of 7 billion Korean won for the shares of Heaven Co. Ltd., with the transfer of ownership finalized on March 4. According to the agreement, the buyer will pay the remaining balance of 3 billion Korean won by February 27, 2027.

Through this transaction, Bloomberry’s subsidiary formally stepped away from operating a casino on Jeju Island. The deal marks the culmination of several years of attempts to dispose of the property, which has struggled to deliver strong financial returns.

Bloomberry had previously sought to sell its stake in the Korean venture in 2016. At the time, the company attempted to sell a 96.23 percent interest in the integrated resort to Iao Kun Group Holdings for approximately $102.5 million. That plan did not move forward, leaving Bloomberry to continue operating the property for several more years.

While the company no longer owns the gaming business, its connection to the Jeju Sun property remains. Golden & Luxury continues to hold the real estate assets connected to the resort, including the gaming floor itself. The new casino operator will use that space under a lease arrangement until it secures another location for its operations.

Heaven Co. Ltd. will therefore continue running the casino within the property for the time being. At the same time, Bloomberry’s subsidiary will maintain responsibility for the hotel and its food and beverage outlets.

Jeju Sun itself includes a 202-room hotel along with gaming tables, slot machines, and dining venues.

Financial Performance and Strategic Refocus

The divestment comes after a period of limited financial returns from the Korean venture. Although the unit returned to profitability after pandemic-era disruptions, its recent results remained modest.

Jeju Sun reported earnings before interest, taxes, depreciation, and amortization of ₱41.4 million in its most recent filing. That figure represented a decline compared with ₱89.4 million recorded during the second quarter of 2024.

Manila Bulletin reports gaming activity at the property also weakened. Gross gaming revenue fell to ₱2.5 million from ₱35.7 million during the same period a year earlier. Total net revenue declined 20 percent year-over-year to ₱128.3 million, although non-gaming revenue edged up slightly to ₱126.2 million.

Bloomberry’s decision to leave the Korean gaming market allows the company to redirect resources toward operations in the Philippines. The group continues to operate Solaire Resort Entertainment City in Parañaque and Solaire Resort North in Quezon City, both of which remain central to its domestic strategy.

The company is also planning additional development in the country. Capital from the Jeju transaction will contribute to funding a proposed casino expansion in Cavite, located south of Manila.

Although Bloomberry has stepped away from casino operations in South Korea, its involvement with the Jeju Sun complex continues through property ownership and hospitality services.

Golden & Luxury will retain the physical resort assets and lease the gaming area to the new operator while Heaven Co. searches for a permanent site for its casino business. Bloomberry will also remain responsible for operating the hotel and food-and-beverage venues within the property.

The restructuring therefore separates the gaming activity from the real estate component, allowing the Philippine operator to maintain a limited presence at the location without directly managing the casino.

Meanwhile, Bloomberry remains active in the broader gaming industry through its Philippine resorts and its online platform MegaFUNalo!, which competes with other electronic gaming offerings in the country.