Bloomberry Resorts Corp., the integrated casino and resort developer owned by businessman Enrique Razon. Jr., is no longer actively looking for a buyer for its Jeju casino property in South Korea after negotiations with a Macau junket operator fell through.
“We had sale already done but if fell through. But business is starting to pick up so we are not in a rush,” Razon said in an interview at the sidelines of the Pilipinas 2016 Conference on Thursday afternoon.
Bloomberry, through unit Solaire Korea Co. Ltd., and Iao Kun Group Holding Co. Ltd. in June signed a sale and purchase agreement over the former’s 96.23 percent shareholding in Golden & Luxury Co. Ltd. (G&L)—the owner and operator of Jeju Sun Hotel & Casino in Jeju Island, South Korea.
Iao Kun Group is a holding company that operates as a VIP room gaming promoter through its subsidiaries and related promoter companies.
Analysts earlier said the move to sell Bloomberry’s assets in Jeju Island would help eliminate the financial drag in its operations.
Bloomberry, however, registered strong profits despite the failure to sell the casino venture in South Korea.
Bloomberry booked a net profit of P1.59 billion in the first nine months of the year on record revenues from gaming and non-gaming businesses, a turnaround from a loss of P1.51 billion year-on-year.
Its Korean operations under Jeju Sun Hotel & Casino, also posted a turnaround in the third quarter of the year, posting P74 million in net profit from a P252-million loss in the previous quarter.
Jeju Sun Hotel & Casino, which is five minutes away from Jeju International Airport, has 208 hotel rooms and suites, 2,125 square meters of gaming space, dining options featuring fresh local produce and international cuisine, a bar and lounge and other hotel facilities such as an event venue.
The hotel and casino complex was reopened in September last year after implementing the first phase of a multi-stage refurbishment plan.
Bloomberry also signed a deal to acquire two islands in South korea, the 20.96-hectare Silmi Island and the 12.2-hectare Muui Island.
Bloomberry in the Philippines operates Solaire Resort & Casino in goverment-sponsored Pagcor Entertainment City in Parañaque City.
Share price of Bloomberry on Friday closed at P6.30, down 1.6 percent from the previous day’s close.
