Bloomberry Resorts Corp. said it has found a buyer for its struggling hotel and casino business in South Korea, the company said in a disclosure to the Philippine Stock Exchange Monday.
Bloomberry’s indirect subsidiary, Golden & Luxury Co. Ltd. (G&L), which operates a hotel and casino property in Jeju, signed a share purchase agreement (SPA) with Gangwon Blue Mountain Co. Ltd. The deal comes as Bloomberry has been trying to offload the South Korean business, which continues to struggle post-pandemic.
Under the agreement, Golden & Luxury will first spin off its casino operations into a new company, which will then be sold to Gangwon Blue Mountain.
The buyer has already made a down payment of 500 million Korean won (KRW). Completion of the transaction and full payment are subject to the casino spin-off, due diligence and regulatory approvals.
The South Korean operations include the Jeju Sun Hotel & Casino on Jeju Island. The property features a 202-room hotel and 2,000 square meters of gaming operations with 36 tables and 20 electronic gaming machines.
It also has four food and beverage outlets. A reorganization separating the hotel and casino operations was implemented in 2018. Bloomberry acquired a controlling stake in the property in 2015.
Jeju Sun registered P6.2 million of gross gaming revenue in the first six months of 2025, which was P45.1 million lower than in the same period last year.
The hotel and food and beverage (F&B) operation generated revenue of P183.3 million in the first half of 2025, a slight increase of 1.1 percent.
Bloomberry is also the owner and operator of Solaire Resort in Entertainment City in Paranque City and Solaire North in Quezon City.
