Bloomberry buys South Korean island, casino operator

Bloomberry Resorts Corp., the operator or Solaire Resort & Casino in the Entertainment City Manila, is acquiring an island and a casino operator in South Korea as part of a strategy to expand outside Philippine shores.

 

In a disclosure to the Philippine Stock Exchange Tuesday, Bloomberry said it signed an agreement with a group of shareholders of Golden & Luxury Co. Ltd. to buy up to 92 percent of the Korean firm.

 

The transaction is being coursed through Solaire Korea Co. Ltd., a wholly-owned subsidiary of Bloomberry.

 

Golden & Luxury owns and operates T.H.E. Hotel & Vegas Casino, one of seven casinos on Jeju Island in the Republic of Korea. 

 

"We are excited at the prospect of Solaire setting up a base in Korea and of introducing the Solaire brand of integrated resorts to the country," chairman and CEO Enrique K. Razon Jr. said in a statement.

 

"This is our first venture outside of the Philippines, and the possibilities for expansion in [Korea] are promising,” he added.

 

Jeju Island – a UNESCO world heritage site – is a popular vacation spot for Koreans, Chinese and Japanese tourists. It attracted 2.3 million foreign visitors last year, of which 1.8 million were from China. 

 

In a separate disclosure, Bloomberry said it signed a real estate sales agreement to buy Silmi Island – also in Korea.

 

The 20.96-hectare Silmi is adjacent to Muui Island where Bloomberry holds four real estate sales agreements with several landowners covering 12.2 hectares.

 

Solaire Korea is acquiring both island properties. 

 

The company said both transactions are still subject to several government regulations and the completion of certain conditions. 

 

"Solaire is on a trajectory of growth and we are now slightly shifting our focus to other destinations," Razon said.

 

"Although this will happen in the next few years, it is good business to start prospecting, and Korea is a likely choice because of its positive investment climate,” he added. 

 

Both islands are part of the Greater Incheon area and covered by the Incheon Free Economic Zone, which Seoul intends to develop into a leisure and tourism complex with entertainment facilities and mixed use developments. – Danessa O. Rivera/VS, GMA News