BLOOMBERRY Resorts Corp. on Wednesday said that its South Korean indirect subsidiary, Golden & Luxury Co. Ltd., had completed the sale of Jeju Sun Hotel & Casino for a total consideration of KRW10 billion (approximately P400 million) following a series of transactions.
In a disclosure on Wednesday, the entertainment and casino-resort conglomerate said the demerger “has been completed and the gaming license and the gaming business of Jeju Sun has been transferred to a new company called Heaven Co. Ltd.”
It followed the signing in October last year of a share purchase agreement between Golden & Luxury and Gangwon Blue Mountain Co. Ltd.
Bloomberry said the buyer, Blue One Ltd., had completed the initial payment of KRW7 billion and that Golden & Luxury had transferred ownership of the Heaven shares on March 4.
The remaining KRW3 billion of the purchase price will be paid by the buyer to Golden & Luxury on or before Feb. 27, 2027.
Heaven will continue to operate the casino at Golden & Luxury’s property on Jeju Island under a lease agreement until a new location is secured.
The transaction, Bloomberry said, allows its subsidiary to exit the casino business on Jeju Island, although Golden & Luxury retains ownership of the real estate properties, including gaming space leased to Heaven Co., and continues to operate a hotel, and food and beverage outlets
Among other interests, Bloomberry operates its flagship Solaire Resort Entertainment City in Parañaque and the recently opened Solaire Resort North in Quezon City.
The company’s shares dropped P0.18, or 6.57 percent, to close at P2.56 each on Wednesday.