Bloomberry Resorts Shopping Jeju Sun Hotel Casino in South Korea

Posted on: February 29, 2024, 08:42h. 

Last updated on: March 1, 2024, 11:30h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Bloomberry Resorts in the Philippines is shopping its Jeju Sun Hotel & Casino in South Korea.

Bloomberry Resorts Jeju Sun South Korea
Jeju Sun is fielding offers, current owner Bloomberry Resorts revealed through a securities filing this week. The boutique casino resort in South Korea has been costing Bloomberry money in recent quarters. (Image: Casino.org)

In a regulatory filing with the Philippine Stock Exchange, Bloomberry informed the market that it’s “open to the possibility of selling” the boutique resort casino on Jeju Island. Bloomberry is controlled by Filipino Enrique Razon Jr., who made his initial fortune through port operations with International Container Terminal Services.

The Philippines Inquirer first reported the news that Bloomberry is looking to sell its property in South Korea. Responding to the news in a filing with the Philippine Stock Exchange, Bloomberry officials said no sale is imminent.

Bloomberry hereby clarifies that it is open to the possibility of selling its interest in Jeju Sun Hotel & Casino and there had been several expressions of interests and offers in the past. But there is no imminent deal with respect to the sale of Jeju Sun Hotel & Casino although there is growing interest on the property from potential buyers,” the securities filing explained.

The Jeju Sun property dates back to 1990, when it opened as T.H.E. Hotel & Las Vegas Casino. Bloomberry acquired the resort in September 2015 and rebranded it Jeju Sun.

The boutique casino has just 20 slot machines and 36 table games. The resort hotel features 202 guest rooms.

Losing Bet

The Jeju Sun casino generated gross gaming revenue (GGR) of a little more than a quarter of a million dollars during the third quarter of 2023, leading the resort to a net operating loss of $1.53 million during the three-month period that ended Sept. 30, 2023.

The quarter was especially poor for Jeju Sun, which incurred an operating profit during the first two quarters. Through three quarters, the property still operated at a loss for Bloomberry. Conversely, Solaire delivered Bloomberry an operating net profit of approximately $147.3 million through three quarters of 2023.

Jeju has been on the chopping block for many years. In 2016, Bloomberry tentatively agreed to unload the casino to Macau junket operator Kun Group. But the deal fell through after Razon said he was in no rush to divest the stake.

Jeju Sun underwent a major renovation in 2019 that included updating most of the hotel rooms, as well as the resort’s restaurants, lobby, building façade, sports bar, gym, sauna, ballroom, and back-of-house operations.

Solaire Expansion

Bloomberry owns and operates Solaire in Manila’s Entertainment City. The $1.2 billion integrated resort casino opened in March 2013 and is today the richest casino in the Philippines.

The integrated resort casino has a gaming space spanning nearly 200,000 square feet, with 369 table games and 1,883 slot machines. Bloomberry last year announced its intention to expand its Solaire footprint to Quezon City.

Located about 10 air miles north of the flagship Solaire, Bloomberry is pressing forward with Solaire Resort North. The resort is expected to open later this year with 500 guest rooms and a casino with 200 tables and 3,000 slot machines.

After Solaire North commences operations, Bloomberry officials say they’ll embark on a casino hotel in partnership with a group of business owners at the Paniman Beach Resort southwest of Manila.