After having operated the Jeju Sun Hotel and Casino on Jeju Island, South Korea for less than a year, Bloomberry Resorts Corp has confirmed to media in a Philippine Stock Exchange filing that, “The company confirms that selling the property in Jeju Island, South Korea is one of the options it is looking at,” according to several local media reports. However, the company also noted that no agreement to sell the property has yet been signed.
Bloomberry agreed to buy property, one hour’s flight from Seoul in early 2015 and after a 4 month refurbishment opened in September. Although not due to any operating practice of Bloomberry or its subsidiaries, Jeju Sun was forced to suspend gaming operations for one month at the end of the year due to penalties imposed by the island’s gaming regulator for tax issues related to the previous operator. The hotel continued to operate and finishing touches including the ballroom were completed during the forced quiet time for the casino.
Jeju Sun was Bloomberry’s first international venture following the success of Solaire Resort in the Philippines. The company has since set its sights on Argentina, and was named as one of three finalists for an integrated resort casino in Cyprus.
Along with current poor to negative earnings, Jeju Sun faces the prospect of more competition coming to the partially autonomous island. Genting is developing Resorts World Jeju along with Landing International Development Ltd., and the long considered Jeju Dream Tower, which would include a casino, is back on the drawing board.
Currently all eight casinos operating on Jeju are open only to foreigners. Over 100 flights per day occur between Seoul and Jeju City.