Bloomberry Resorts Corp., a prominent resort operator in the Philippines, is considering the sale of its casino, Jeju Sun, located in Jeju, South Korea. The casino has faced financial challenges, exacerbated by the impact of the COVID-19 pandemic, leading to unprofitability despite tourist levels returning to those of 2019.
While the casino reported a tripled net income of 14.7 million Philippine pesos (approximately $262,000) in Q3 2023, it pales in comparison to the $236.8 million generated by the Solaire Resort & Casino in Manila. Bloomberry Resorts aims to focus more on internal growth, considering the challenges faced by the Jeju establishment, as confirmed by China Bank Capital Managing Director Juan Paolo Colet.
