Bloomberry Resorts Corporation has announced plans to sell its casino business in South Korea, marking a strategic shift towards consolidating its core operations in the Philippines.
According to the company's disclosure, its indirect subsidiary Golden & Luxury Co. Ltd. has signed a Share Purchase Agreement (SPA) with Gangwon Blue Mountain Co. Ltd. for the planned divestment.
Under the agreement, Golden & Luxury will first spin off its casino business into a newly formed entity before selling it to the buyer.
Gangwon Blue Mountain has already made a down payment of KRW 500m, with the remaining amount to be settled upon completion of the demerger, due diligence and required regulatory approvals.
The divestment reflects Bloomberry decision to focus resources on domestic projects, including Solaire Resort Entertainment City in Manila and the recently launched Solaire Resort North in Quezon City.
The company also launched its own online gaming platform earlier this year following the government's restrictions on offshore gaming.
The transaction, once completed, will conclude Bloomberry's decade-long presence in Jeju's gaming market, as it pivots toward expanding its integrated resort portfolio in the Philippines and strengthening its digital gaming ventures.
Bloomberry, led by tycoon Enrique Razon Jr., entered South Korea in 2015 through the Jeju Sun Hotel & Casino, a 202-room property featuring a 2,000-square-metre gaming floor with 36 tables and 20 electronic machines
