Bloomberry Resorts Corporation has confirmed plans to spin off and sell its Korean casino, Jeju Sun, to a local firm.
Its indirect South Korean subsidiary, Golden & Luxury Co., Ltd, which is partially owned by another Bloomberry subsidiary, Solaire Korea, signed a Share Purchase Agreement to transfer the casino business to a separate new company, which will then be sold to Gangwon Blue Mountain Co.
Bloomberry to Let-Go of Loss-Generating South Korean Casino
The buyer has already forwarded a $350,000 down payment, and the completion of the sale and payment of the full purchase is still contingent on the spin-off’s completion, as well as customary closing conditions, including regulatory approvals and due diligence research.
Bloomberry, which operates Solaire, is looking to divest from the property and separate its core business from the struggling casino, which has been bringing in losses and suppressing the company’s broader results. In the June 2025 quarter, Jeju Sun reported $706,000 loss.
This has long been in the works, as the purchase was always considered to be a strategically bad decision. The key challenge with making Jeju Sun casino profitable lies in the way the local gambling industry in South Korea is structured.
According to the company, relying on foreigners only to generate results has been counterproductive and has not been enough to generate sustainable results for the property, let alone avert the losses accumulated over the past years.
Bloomberry will instead focus on its Solaire Resort & Casino at Entertainment City in Manila, while trimming out parts of the company that slow it down.