As reported by G3Newswire in October last year (link) Bloomberry Resorts Corp. has now formally exited the South Korean casino market following the completion of a share purchase agreement involving its indirect subsidiary, Golden & Luxury Co. Ltd., and Gangwon Blue Mountain Co. Ltd.
As part of the transaction, the gaming licence and casino operations of Jeju Sun Hotel & Casino have been transferred to a newly established entity, Heaven Co. Ltd. Ownership of Heaven Co. has now passed to the buyer, which has been renamed Blue One Ltd.
Blue One has completed an initial payment of KRW7bn (US$5.2m), with a remaining balance of KRW3bn (US$2.2m) due to be settled by February 27, 2027.
The deal marks Bloomberry’s exit from direct casino operations on Jeju Island, although the group will retain ownership of the property’s real estate assets, including the gaming space. These facilities will be leased to Heaven Co., which will continue operating the casino under a transitional arrangement.
Heaven Co. is expected to run the casino business within the existing Jeju Sun premises until it identifies and relocates to a new site for its operations. Jeju Sun is a 202-room integrated resort located on Jeju Island, featuring gaming tables, slot machines and food and beverage outlets.
Bloomberry will continue to focus on its core markets in the Philippines, where it operates Solaire Resort Entertainment City and Solaire Resort North. The company has also expanded into digital gaming through its MegaFUNalo! online platform, positioning itself within the country’s growing electronic gaming sector.
The post Bloomberry exits South Korea casino market with Jeju Sun divestment appeared first on G3 Newswire.
As reported by G3Newswire in October last year (link) Bloomberry Resorts Corp. has now formally exited the South Korean casino market following the completion of a share purchase agreement involving its indirect subsidiary, Golden & Luxury Co. Ltd., and Gangwon Blue Mountain Co. Ltd. As part of the transaction, the gaming licence and casino operations…
The post Bloomberry exits South Korea casino market with Jeju Sun divestment appeared first on G3 Newswire.