Philippine gaming giant Bloomberry Resorts Corporation has announced the sale of its Jeju Sun Hotel & Casino in South Korea, a property it has owned for more than a decade.
The company cited South Korea’s “foreigners-only gambling” policy as the primary reason for persistent losses, prompting its decision to exit the Korean market and refocus on its core operations in the Philippines.
Bloomberry stated that its Korean subsidiary, Golden & Luxury Co., Ltd., has signed a Share Purchase Agreement (SPA) with Kangwon Land Blue Mountain Co., Ltd. as the buyer.
Under the agreement, the Jeju Sun casino business will first be spun off into an independent entity before being sold entirely.
The buyer has already paid a ₩500 million (USD 348,000) deposit.
The final purchase price and completion date will depend on due diligence and regulatory approval.
Bloomberry acquired the property, formerly known as THE Hotel and Vegas Casino, in April 2015, renaming it Jeju Sun Hotel & Casino.
At the time, the company was bullish on Korea’s integrated resort potential, envisioning large-scale developments in Incheon Free Economic Zone to create a new hub for meetings, incentives, conferences, and exhibitions (MICE) tourism.
However, the COVID-19 pandemic and regulatory tightening in Korea rendered the business model unviable.
In 2021, the government extended the exclusive domestic license of Kangwon Land Casino until 2045, effectively shutting out all other local opportunities.
Despite Jeju Island’s reputation as Korea’s premier tourist destination, its casinos have been severely limited by the foreigners-only gambling rule.
Local residents are legally allowed to gamble only at Kangwon Land, a state-owned casino located in a remote mountainous area.
As a result, Jeju Sun and other foreigner-only casinos have struggled to attract sustainable traffic and revenue.
Bloomberry Chairman Enrique Razon admitted:
“If locals can’t play, you can never build a real resort economy.”
Following its Korean exit, Bloomberry will concentrate resources on its Philippine operations, including:
The company aims to strengthen profitability by leveraging domestic market growth and VIP tourism recovery.
The Jeju Sun sale is not an isolated case.
U.S.-based Mohegan Gaming & Entertainment faced similar struggles with its Inspire Casino project in Incheon due to the same foreigners-only restriction.
In February 2025, private equity firm Bain Capital took over operations after loan defaults, and CEO Ray Pineault subsequently announced his retirement.
The case underscores how restrictive gambling policies continue to deter foreign investment in Korea’s casino sector.
The divestment of Jeju Sun marks Bloomberry’s full strategic reorientation toward the Philippines, reinforcing its leadership in the Asian gaming industry.
With the Philippine casino market rebounding, Bloomberry is poised to consolidate its dominance through the Solaire brand, robust tourism synergies, and favorable regulatory environment.
Editing by Jimmy Butler
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