Published on: October 27, 2025, 10:37h.
Updated on: October 27, 2025, 10:37h.
- Bloomberry Resorts to sell Jeju Sun Hotel & Casino in South Korea
- Bloomberry will refocus operations solely in the Philippines
Bloomberry Resorts has decided to exit the South Korean market by putting its Jeju Sun Hotel & Casino up for sale.
On Monday, the Manila-based gaming company revealed its plans to divest the boutique casino resort on the popular holiday destination, which it has owned for over a decade.
“Bloomberry Resorts Corporation announces that its indirect subsidiary in South Korea, Golden & Luxury Co., Ltd., has executed a Share Purchase Agreement (SPA) to transfer its casino operations to a new company, which will subsequently be sold to Gangwon Blue Mountain Co., Ltd.,” stated Bloomberry in a filing with the Philippine Securities and Exchange Commission.
According to Bloomberry, Gangwon Blue Mountain has already made a down payment of 500 million Korean yuan (approximately US$348,794). Limited information has been disclosed regarding Gangwon Blue Mountain, though it is believed to be a local entity.
“The successful conclusion of the transaction and payment of the total price is contingent upon the completion of the Demerger, satisfactory due diligence, and the attainment of regulatory approvals,” the announcement noted. The final sale amount has not been revealed.
Bloomberry’s Miscalculated Move
Jeju is South Korea’s largest island, encompassing over 700 square miles. It was formed approximately two million years ago by volcanic activity.
Located about 50 miles south of the Korean Peninsula, ferry rides from Wando can take up to 2.5 hours. The nearest major city, Gwangju, hosts approximately 1.5 million residents and is situated around 100 miles to the north.
Seoul is nearly 300 miles away; however, direct flights are quick—taking just over an hour—and affordable, with round-trip fares starting as low as $50.
A significant hurdle for Jeju Sun is that its casino operations are exclusively for foreigners. South Korea restricts local citizens and residents to gambling only at Kangwon Land, which is a government-operated casino resort in a remote mountainous area.
Bloomberry acquired the Jeju destination in April 2015, when it was known as T.H.E. Hotel and Vegas Casino. At that time, Bloomberry was optimistic about Korea’s potential as a leading convention and exhibition hub in Asia. Along with Jeju, Bloomberry also purchased over 50 acres in the Incheon Free Economic Zone, envisioning a large-scale casino resort.
“We are slightly redirecting our focus to other regions,” remarked Bloomberry Chairman Enrique Razon at that time. “It’s essential to explore opportunities, and Korea appears to possess a favorable investment environment.”
However, this positive outlook quickly faded. In conjunction with the COVID-19 pandemic, South Korean lawmakers decided in 2021 to extend Kangwon Land’s exclusivity as the only casino for citizens until 2045.
Razon admitted that Jeju Sun was an unwise investment for Bloomberry.
“[Jeju] was not a prudent investment due to its foreign-only status,” Razon told Inside Asian Gaming in 2020. “Without local access, establishing a genuine resort is impossible—it will always remain small, and growth will be challenging.”
With the exit from Jeju Sun, Bloomberry reverts to operating solely in the Philippines. The company owns and manages Solaire in Manila’s Entertainment City, as well as Solaire North in Quezon City, located just north of the capital.
Challenges in Korea
The sale of Jeju Sun follows Mohegan’s loss of control over the Inspire project at Incheon International Airport. Unlike Bloomberry, Mohegan continued its investment in the Incheon Free Economic Zone, an ambitious $1.6 billion venture that ultimately proved financially burdensome for the Mohegan Tribe of Connecticut.
In February, Bain Capital, Mohegan’s financial backer, took control of Inspire following the company defaulting on its loan obligations. The casino has significantly underperformed, catering exclusively to foreign guests.
Recently, Mohegan CEO Ray Pineault announced his retirement.