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It began with ambition on an island known for tourism and promise.
Ten years later, Bloomberry Resorts Corp is walking away. The company has confirmed plans to sell its Jeju Sun Hotel & Casino in South Korea, drawing a close to one of its least successful ventures.
A quiet exit after years of losses
The decision marks the end of a chapter that never matched expectations.
In a filing to the Philippine Stock Exchange, Bloomberry said its South Korean subsidiary Golden & Luxury Co Ltd had signed a share purchase agreement to spin off the Jeju Sun casino through a “demerger.” The newly created company will then be sold to Gangwon Blue Mountain Co Ltd.
The statement added that the deal depends on due diligence, regulatory approval, and the completion of the demerger process. The purchase price was not disclosed, though the buyer made a KRW500 million (US$348,820) down payment as part of the agreement.
Bloomberry did not specify whether the sale includes the hotel’s non-gaming assets, leaving open whether the transaction covers the entire Jeju Sun complex or only the casino operations.
A property that never found its footing
Jeju Sun has struggled to deliver profits since its acquisition.
Bloomberry bought the property in 2015, rebranding it from “T.H.E Hotel & LVegas Casino” to its current name. The complex features 202 rooms, 2,000 square metres of gaming space, and just 36 tables with 20 electronic machines, along with four food and beverage outlets.
Despite investment and rebranding, results remained weak. In the second quarter of 2025, the casino reported a net loss of PHP64.2 million (US$1.1 million), compared with a PHP116.9 million loss a year earlier.
The company had already hinted at plans to divest the operation, calling it non-core as performance lagged behind its Philippine resorts.
Refocusing on the core market
The sale allows Bloomberry to concentrate on where it wins: the Philippines.
Bloomberry’s main property, Solaire Resort & Casino, remains one of Manila’s top integrated resorts, while its new US$1 billion Solaire Resort North opened in Quezon City last year. Together, they represent the company’s growth focus as it scales back from riskier offshore ventures.
The operator posted a PHP1.41 billion net loss in the quarter ending 30 June 2025, reversing a PHP1.34 billion profit from the previous year. Against that backdrop, shedding Jeju Sun looks more like strategy than surrender.
A long bet that never paid off
Bloomberry’s Jeju project was once seen as a gateway to regional expansion.
South Korea’s casino market has long drawn investors from Asia, but tight regulations, limited access for locals, and fierce competition made success difficult. For Bloomberry, Jeju Sun never reached the scale or profitability of its Philippine operations.
The company’s withdrawal now leaves it free to refocus resources where growth remains consistent.
But as Bloomberry turns its attention back home, one question lingers, will this retreat mark the end of its international ambitions, or just a pause before a new round of expansion?
Source: GGR Asia
