Bloomberry Resorts Corporation to Spin Off and Sell Jeju Sun Casino

Bloomberry Plans to Divest Jeju Sun Casino in South Korea

Bloomberry Resorts Corporation has announced its intentions to separate and sell its Korean casino asset, Jeju Sun, to a local company. This move is part of a strategic effort by the company to focus on its core operations.

Details of the Spin-Off and Sale Agreement

The casino business operated by Golden & Luxury Co., Ltd, an indirect South Korean subsidiary partially owned by Bloomberry’s affiliate Solaire Korea, will be transferred to a newly established company. This new entity will then be sold to Gangwon Blue Mountain Co. An initial payment of $350,000 has already been made by the buyer, with the full sale contingent on completing the spin-off process and meeting standard closing requirements such as regulatory approvals and thorough due diligence.

Reasons Behind the Divestment of Jeju Sun Casino

Bloomberry has faced ongoing losses with Jeju Sun, which negatively impacts the overall performance of the company. In the quarter ending June 2025, the casino recorded a loss of $706,000. The decision to sell reflects the company’s commitment to shedding underperforming assets and improving financial health.

Challenges in the South Korean Gambling Market

The primary difficulty in achieving profitability for Jeju Sun stems from the unique structure of South Korea’s gambling industry. The casino’s reliance solely on foreign visitors for revenue has proven insufficient to sustain its operations and reverse accumulated losses over the years.

Future Focus on Core Business in Manila

Following the sale, Bloomberry will concentrate its resources on its flagship property, Solaire Resort & Casino, located in Entertainment City, Manila. The company aims to streamline its portfolio by shedding segments that hinder growth and operational efficiency.