Bloomberry exits casino business in South Korea

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March 5, 2026 | 12:00am

MANILA, Philippines — Bloomberry Resorts Corp. of tycoon Enrique Razon Jr. has exited the casino business in South Korea following the completion of a share purchase agreement between its indirect subsidiary, Golden & Luxury Co. Ltd., and Gangwon Blue Mountain Co. Ltd.

The gaming license and the gaming business of Jeju Sun has been transferred to a new company called Heaven Co. Ltd., according to Bloomberry.

It said the buyer, now named Blue One Ltd., has completed payment of seven  billion Korean won and Golden and Luxury has transferred ownership of the shares of Heaven Co. to the buyer.

According to Bloomberry, there is a remaining balance of three billion Korean won on the purchase price, which will be paid by the buyer to Golden and Luxury on or before Feb. 27, 2027.

“By this transaction, Bloomberry’s indirect subsidiary exits from the casino business in Jeju Island, South Korea. However, they retain ownership of real estate properties including gaming space leased out to Heaven Co. Ltd. and operate a hotel and F&B outlets,” the company said.

Bloomberry said Heaven Co. would continue to operate the casino business in the premises of the property of Golden and Luxury in Jeju Island under a lease agreement until it is able to find a suitable location for its casino operations.

Jeju Sun is a 202-room hotel and resort in Jeju Island, equipped with casino tables, slot machines and dining outlets.

In the Philippines, Bloomberry remains active in the casino business through Solaire Resort Entertainment City and Solaire Resort North.

Bloomberry has also launched its own online gaming platform called MegaFUNalo! to compete directly with offerings of other electronic gaming license holders.