Bloomberry Resorts Corporation has finalised the sale of its Jeju Island casino business following the completion of the first tranche of its previously announced spin-off transaction.
According to a filing with the Philippine Stock Exchange, Bloomberry’s South Korean indirect subsidiary, Golden & Luxury Co, has transferred ownership of the new casino entity Heaven Co to the buyer, now named Blue One. The transfer was completed after the buyer made the initial payment of KRW 7bn.
The deal stems from the 2025 Share Purchase Agreement, which covered the demerger of the casino business of the Jeju property and the transfer of its gaming licence. The demerger has been completed, with Heaven Co assuming all casino operations formerly under Jeju Sun Hotel & Casino.
Under the agreement, Heaven Co will continue to operate the foreigner-only casino at the existing Jeju Sun premises through a lease arrangement until it secures a new location for its operations.
The filing notes that the remaining balance of KRW 3bn from the purchase price must be paid to Golden & Luxury Co on or before February 27, 2027.
The transaction marks Bloomberry’s exit from direct casino operations in Jeju while preserving its property ownership and non-gaming businesses on the island.
Bloomberry continues to operate major integrated resort assets in the Philippines, including Solaire Resort Entertainment City in Manila, and maintains investments in South Korea through Solaire Korea.
The company said further disclosures will be made if additional developments arise regarding the transaction or the pending second payment.
Bloomberry retains ownership of the real estate, including the gaming floor, hotel and food and beverage outlets
