Bloomberry sells casino property in South Korea

ABS-CBN News

Posted at Jun 23 2016 07:49 PM

MANILA - Bloomberry Resorts, the operator of Solaire casino, on Thursday said it is selling its casino property in Jeju Island, South Korea.

The company told the stock exchange that its subsidiary and the subsidiary of Iao Kun Group Holding Company Limited have agreed on the sale by Solaire Korea Co. Ltd. of its 96.23 percent shareholding in Golden & Luxury Co. Ltd.

Golden & Luxury is the owner and operator of the Jeju Sun Hotel & Casino in Jeju Island, South Korea.

Bloomberry said the agreement is subject to several conditions and approval of other government authorities.

The purchase price for the shares and the shareholder’s loan is KRW 117,500,000,000.

"Iao Kun desires to enter into the Jeju market and is confident that it can attract its’ Chinese VIP customers to Jeju Island," Bloomberry said.

It added that its unit Solaire Korea plans to focus on developing its property in Muui and Silmi Islands.

The decision to sell the assets in Jeju Island will help Bloomberry improve the firm's operating costs, analysts said.

Bloomberry shares closed lower by 1.01 percent to P5.90 per share on Thursday.