The billionaire Filipino businessman behind Asian casino operator Bloomberry Resorts Corporation has reportedly declared that his firm is no longer interested in disposing of its stake in the Jeju Sun Hotel and Casino in South Korea.
According to a report from Manila-based radio and television broadcaster GMA News and Public Affairs, Enrique Razon made the revelation during the Association of Southeast Asian Nations’ Business and Investment Summit on Monday before explaining that the Jeju Island venue is now contributing to the company’s overall profits.
“It will not be sold,” Razon, who serves as Chairman for Manila-listed Bloomberry Resorts Corporation, reportedly told GMA News and Public Affairs. “It has improved and we’re breaking even.”
Bloomberry Resorts Corporation spent approximately $54 million in early-2015 to acquire the Jeju Sun Hotel and Casino, which was previously known as THE Las Vegas Casino, before investing a further $15 million to improve the property. However, it soon reportedly became interested in securing a sale and subsequently inked a deal in June of last year with junket operator Iao Kun Group Holding Company Limited that would have seen it pocket slightly over $91.88 million in exchange for its 96.23% stake in the property and its 22,873 sq ft gaming floor.
But, Iao Kun Group Holding Company Limited, which has subsequently changed its name to LiNiu Technology Group, backed out of the deal a year ago with 57-year-old Razon reportedly telling GMA News and Public Affairs that he believes the Hong Kong-headquartered firm ‘ran out of money’.
The 208-room Jeju Sun Hotel and Casino features one of the seven foreigner-only casinos located on the 714-square-mile South Korean island and is reportedly especially popular with Japanese and Chinese tourists due to its close proximity to Jeju International Airport.
Bloomberry Resorts Corporation also operates the Solaire Resort and Casino in Manila’s Entertainment City gaming and entertainments district. It recently suffered some bad news after being told by the administration of Philippine President Rodrigo Duterte that the venue would soon be subject to a 10% increase in the tax rate charged on revenues from all of its mass-market gambling activities and VIP table games.