Philippine casino operator Bloomberry Resorts Corporation has formally completed its exit from the Jeju Island gaming market, finalizing the sale of its indirect subsidiary’s casino business to a local buyer.
In a regulatory filing to the Philippine Stock Exchange on Wednesday, the company confirmed that the corporate demerger of its casino operations had been completed, with the gaming license and business transferred to a new entity, Heaven Co.
The buyer, now identified as Blue One Ltd., remitted a payment of KRW7 billion ($4.78 million), triggering the transfer of shares.The transaction marks the conclusion of Bloomberry’s nearly decade-long venture in the South Korean market.
The sale was initially disclosed in October 2025, when Bloomberry’s indirect subsidiary, Golden & Luxury Co., signed a Share Purchase Agreement with Gangwon Blue Mountain Co. to divest the Jeju Sun Hotel & Casino operations.
As part of the current agreement, Heaven Co. will continue to operate the casino business under a lease agreement at the existing Jeju Island property until it secures a suitable alternative location. Golden & Luxury Co. retains ownership of the real estate assets, including the gaming space, as well as the hotel and food and beverage outlets. The remaining balance of KRW3 billion (approximately $2.05 million) from the purchase price is due on or before February 27th, 2027.
The exit follows years of underwhelming performance at the property. In the second quarter of 2025, Jeju Sun reported total revenue of PHP128.7 million ($2.19 million) and an EBITDA loss of PHP41.4 million ($706,000). The resort, which houses 36 gaming tables and 20 electronic gaming machines, has struggled since its acquisition in 2015 due to the limitations of South Korea’s foreigner-only casino market. Only one property in the nation, Kangwon Land, is permitted to serve local patrons.
Bloomberry Chairman and CEO Enrique K. Razon Jr. previously characterized the Jeju investment as a misstep, with the island’s reliance on international tourism further exposing the property to demand shocks during the pandemic. The sale allows the company to redirect focus toward its core domestic operations.
