Bloomberry sees rise in Chinese visitors; shelves Jeju sale

Philippine casino operator Bloomberry Resorts saw an increase in Chinese visitors last month, suggesting President Rodrigo Duterte’s lean towards Beijing has started to benefit business, local media reports.

According to Bloomberry chairman Enrique Razon, Chinese arrivals at its Solaire casino in Manila rose nearly 140 percent in November and 80 percent in October compared with the same months last year.

"You can more or less attribute that directly to the improved [bilateral] relation," he told reporters on Thursday.

Duterte made a four-day trip to China in October, which observers say marked a turning point for bilateral relations.

During the visit, China also lifted a travel ban imposed on the Philippines.

South Korean sale shelved

Regarding Bloomberry Resorts’ interests in Korea, it is understood that the operator has shelved its plan to divest its interest in Jeju Sun Hotel & Casino, after its sale with Iao Kun Group Holdings Ltd. fell through.

Last month, Bloomberry said in a filing: “Iao Kun failed to raise the funding necessary to consummate the sale of Jeju Sun,” and as of September 30, 2016, “it has rejected Iao Kun’s request to extend the closing and payment date of the transaction.”

According to the Inquirer, Razon said Bloomberry was “not in a hurry” to look for new buyers.

 

“We had a sale already done but it fell through. But business is starting to pick up so we are not in a rush,” he said in an interview.

More news from this jurisdiction

Philippines, South KoreaTuesday, Jan 05, 2016

A 40-year-old South Korean man was received by Korean police on Tuesday, Jan 4, after being extradited from the Philippines by local authorities, local media reports.

Philippines, Taiwan, South KoreaThursday, Jun 11, 2015

Bloomberry Resorts, the owner of the Solaire Resort & Casino in Manila, would be interested in possible opportunities in Taiwan if the government there approves regulation legalizing casinos.

PhilippinesWednesday, May 24, 2017

Udenna Group has sold a 25 percent stake in listed oil company Phoenix Petroleum Philippines to raise P4 billion (US$80 million) to help finance the development of an IR on Mactan, Cebu.

PhilippinesTuesday, May 23, 2017

The Philippines-based subsidiary of Melco Resorts & Entertainment has announced it has changed its name to Melco Resorts and Entertainment (Philippines) Corporation.

PhilippinesMonday, May 22, 2017

A number of South Koreans were arrested across Manila last week on suspicion of internet fraud and illegal online gambling.

Philippines, Mainland ChinaSunday, May 21, 2017

The Philippines embassy in China reportedly recorded a 200 percent increase in visa applications from Chinese tourists and businessmen looking to visit the Philippines.

PhilippinesSunday, May 21, 2017

Philippine-listed DFNN has announced it plans to raise up to P624.4 million (US$12.4 million) through a private placement deal with UK-based Excel Century Investment Ltd., according to a company filing to the Philippine Stock Exchange.