October 28, 2025 | 12:00am
MANILA, Philippines — Bloomberry Resorts Corp. of tycoon Enrique Razon Jr. has found a buyer for its losing company in South Korea, putting it on track to end a 10-year investment that hardly turned in profit.
In a disclosure to the Philippine Stock Exchange, Bloomberry said its indirect unit Golden & Luxury Co. Ltd. has signed a share purchase agreement with Gangwon Blue Mountain Co. Ltd.
Gangwon Blue Mountain has placed a downpayment of 500 million Korean won, or roughly P20 million, to kick off the transaction.
Under the deal with Gangwon Blue Mountain, Golden & Luxury will spin off its casino business to create a separate new company. The resulting entity from the spinoff will be sold afterward to Gangwon Blue Mountain.
Golden & Luxury operates Jeju Sun Hotel and Casino in holiday island Jeju.
Bloomberry bought Golden & Luxury through a series of transactions in 2015, leading to its 9.6-percent stake in the company, while Solaire Korea, also a Bloomberry unit, holds 86.6 percent.
“The completion of the transaction and payment of the purchase price shall be conditioned upon completion of the demerger, due diligence and regulatory approvals,” Bloomberry said.
Jeju Sun is a 202-room hotel and resort in Jeju Island, equipped with casino tables, slot machines and dining outlets.
Jeju Sun is within a five-minute drive from the Jeju International Airport and half an hour away from the most visited attractions in the island.
However, Jeju Sun has failed to turn its advantages into revenue, compelling Razon to put it on the chopping block. Jeju Sun recorded an 88-percent drop in gross gaming revenue to P6 million in the first half.
Bloomberry took a P101-million loss before interest, taxes, depreciation and amortization from Jeju Sun. All in all, Bloomberry’s loss from Jeju Sun reached P145 million between January and June.
Razon has tried to free Bloomberry from the clutches of Jeju Sun since 2016, noting that the unit has struggled to grow as Seoul prohibits its locals from casinos.
Bloomberry almost sold the property in 2016 to Iao Kun Group Holding Co., but the buyer opted out of the deal for failing to raise the needed funds for a buyout.