Bloomberry Resorts Folding on South Korea, Cites Foreigners-Only Rule
Bloomberry Resorts is selling its Jeju Sun Hotel & Casino in South Korea to Gangwon Blue Mountain Co., Ltd. The deal marks the company’s exit from the South Korean market, leaving it focused solely on casino operations in the Philippines.
Bloomberry Resorts acquired Jeju Sun Hotel & Casino in April 2015 with plans to develop South Korea as a major hub for conventions and exhibits. However, the casino’s profitability suffered due to local regulations restricting entry to foreigners only. Chairman Enrique Razon later admitted the investment had not been a sound decision.
The company’s South Korean subsidiary signed a Share Purchase Agreement with Gangwon Blue Mountain, a conglomerate with interests in hospitality and casino operations. As part of the deal, the buyer has already made a down payment of 500 million Korean yuan (around US$348,794).
The transaction still requires regulatory approvals, due diligence, and the completion of a demerger process. Once finalised, Bloomberry will return to operating exclusively in the Philippines.
This shift follows broader challenges in South Korea’s casino sector. Earlier, Mohegan Gaming & Entertainment lost control of its Inspire project at Incheon International Airport after facing financial difficulties.
The sale of Jeju Sun Hotel & Casino will leave Bloomberry Resorts operating only in the Philippines. Gangwon Blue Mountain will take over the property, subject to final approvals and legal steps. The move reflects ongoing adjustments in South Korea’s casino industry due to regulatory and financial pressures.
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