Bloomberry Resorts is deliberating the sale of its Jeju Sun Hotel & Casino located in South Korea, marking a significant shift in its investment focus. The disclosure of this potential divestment came in the form of a securities filing earlier this week. Jeju Sun has become a financial drain on the company, struggling to maintain profitability in recent financial quarters.
Nestled on the picturesque Jeju Island, Bloomberry revealed through a regulatory statement to the Philippine Stock Exchange that they are considering the divestiture of this boutique casino resort. The conglomerate, led by Filipino businessman Enrique Razon Jr., who originally built his wealth in port operations via International Container Terminal Services, is weighing options for the property’s future.
Despite the wave of interest from potential purchasers, Bloomberry officials confirmed that the negotiation phase has not reached a conclusion where a definitive sale is foreseeable.
“Although there have been several expressions of interest and offers in the past, no sale of Jeju Sun Hotel & Casino is imminent. However, interest in the property is on the ascent,” explained the securities filing.
Jeju Sun’s origins trace back to 1990, having initially launched as T.H.E. Hotel & Las Vegas Casino before being acquired by Bloomberry in September 2015 and undergoing a rebranding exercise to its current name. The intimate casino resort is home to 20 slot machines, 36 table games, and offers 202 well-appointed guest rooms.
Nevertheless, the fortune has not favored Jeju Sun. The casino reported a modest gross gaming revenue of slightly over $250,000 in the third quarter of 2023, dragging the resort to a net operating loss of $1.53 million within that period. Contrastingly, Bloomberry’s Solaire has been a powerhouse of profitability, securing an operating net profit of about $147.3 million through the first three quarters of 2023.
After attempting to sell Jeju Sun to a Macau-based junket operator in 2016—a deal that subsequently faltered—Bloomberry invested in major renovations of the property in 2019. These upgrades touched nearly every aspect of the resort, from the hotel rooms to the public spaces, intended to enhance the guest experience.
Meanwhile, Bloomberry’s success story, Solaire, shows no signs of slowing down. Established in March 2013 within Manila’s vibrant Entertainment City, Solaire stands as the Philippines’ most lucrative casino. Following the announcement last year to expand its domain to Quezon City, Bloomberry is progressing with the Solaire Resort North, slated for launch later this year. This addition is poised to offer 500 guest rooms and a significant expansion of its gaming facilities.
Upon the inauguration of the Solaire North, the company plans to collaborate on a new casino hotel venture, enhancing its presence in the hospitality and gaming industry.
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