Gangwon Blue Mountain Co. to take property over
Philippine casino group Bloomberry Resorts is to spin off and sell its Jeju Sun hotel casino operation on South Korea’s holiday island of Jeju to Gangwon Blue Mountain Co. for an undisclosed fee.
Bloomberry is looking to focus on its flagship complex, Solaire Resort & Casino at Entertainment City in the Philippine capital and its Solaire Resort North property in Quezon City, outside Metro Manila.
In a filing to the Philippine Stock Exchange, it confirmed that the Jeju casino business would be taken over by its South Korean subsidiary, Golden & Luxury Co, and would then be sold to Gangwon Blue Mountain Co.
Bloomberry said: “The completion of the transaction and payment of the purchase price shall be conditioned upon completion of the demerger, due diligence and regulatory approvals”.
Bloomberry has operated the casino in Jeju since 2015. It offers 202 hotel rooms and 2,000 square metres of gaming space, with 36 tables and 20 slots.
Jeju Sun has historically generated a net loss, however, in August, it achieved its highest-ever quarterly operating revenue and profit, achieving its first quarterly profits since 2020.
Driven by an increase in Chinese players to its flagship casino due to Jeju’s visa-free entry policy for Chinese tourists, second-quarter operating profit climbed to $24m (33.1bn won), also a quarterly record high, up 35.8 per cent from a year earlier. Gross gaming Revenue increased by 65.4 per cent year-on-year to 110bn won, also setting a new personal best. Hotel revenues at Grand Hyatt Jeju came in at 41 billion won in the second quarter, its second-best quarterly sales revenue.
Figures from the Ministry of Justice show that between April and June, around 1.4m Chinese nationals entered South Korea, up 18 per cent from last year.
The post Bloomberry to offload loss-making Jeju Sun hotel casino appeared first on G3 Newswire.
Gangwon Blue Mountain Co. to take property over Philippine casino group Bloomberry Resorts is to spin off and sell its Jeju Sun hotel casino operation on South Korea’s holiday island of Jeju to Gangwon Blue Mountain Co. for an undisclosed fee. Bloomberry is looking to focus on its flagship complex, Solaire Resort & Casino at…
The post Bloomberry to offload loss-making Jeju Sun hotel casino appeared first on G3 Newswire.