Bloomberry Resorts Corp., the gaming firm controlled by billionaire Enrique K. Razon Jr., has completed its exit from the casino business in South Korea following the spin-off of its gaming operations in Jeju Island.
The company said the gaming license and casino operations of Jeju Sun were transferred to a newly formed firm, Heaven Co. Ltd.. Ownership of Heaven was transferred on March 4 to a buyer now named Blue One Ltd. after the initial payment of 7 billion won was completed.
The remaining 3 billion won balance on the purchase price will be paid in February next year.
Heaven will continue operating the casino at the Jeju property owned by Golden and Luxury Co. Ltd. under a lease agreement until it finds a new location for its gaming operations.
Bloomberry said the transaction marks the exit of its indirect subsidiary from the casino business in Jeju. However, the group will retain ownership of the real estate assets in the property, including the gaming space leased to Heaven, and will continue running the hotel and food-and-beverage outlets.
Bloomberry entered the Jeju market in 2015 through its subsidiary Solaire Korea Co., Ltd., acquiring majority ownership of Golden and Luxury, which operated a hotel and casino property later rebranded as Jeju Sun Hotel and Casino.
The property includes a 202-room hotel with a five-Hibiscus rating, about 2,000 square meters of gaming space with 36 gaming tables and 20 electronic gaming machines, as well as four food and beverage outlets.
A corporate reorganization in 2018 separated the hotel and casino operations, followed by renovations completed in 2019 to maintain the hotel’s five-Hibiscus rating required for its gaming license.
Bloomberry had previously sought to sell the Jeju business as it focused on its larger gaming operations in the Philippines.
For the first nine months of 2025, Jeju Sun posted a loss of ₱182.63 million, narrower than the ₱299.87 million loss recorded a year earlier. Gross gaming revenue during the period fell to ₱7.5 million, down by ₱35.6 million from the previous year.
Meanwhile, the hotel and food-and-beverage segment generated ₱297.5 million in revenue in the same period, up 5.5 percent year-on-year.
