Philippine casino operator and developer Bloomberry Resorts Corp said it is "open to selling its interest in the Sun Hotel & Casino in Jeju Island, South Korea."

"There have been multiple expPhilippines' Bloomberry announces plans to sell South Korean casino complex

Philippine casino operator and developer Bloomberry Resorts Corp said it is "open to selling its interest in the Sun Hotel & Casino in Jeju Island, South Korea."

"There have been multiple expressions of interest and offers in the past," the company said in a filing with the Philippine Stock Exchange on Thursday.

The company's clarification to the exchange comes after the Philippine Inquirer published an article saying Bloomberry was "preparing to sell" the South Korean complex.

"Despite growing interest in Jeju Sunshine Hotel & Casino from potential buyers, no deal has yet been concluded to sell the Jeju Sunshine Hotel & Casino," Bloomberry said in its latest filing.

Bloomberry, controlled by entrepreneur Enrique Razon, operates the Solaire Resort & Casino in the Philippine capital of Manila. The company is also developing a casino resort project in Vertis, Quezon City, which is expected to open in the first half of this year.

The Jeju property includes a 202-room hotel and a 2,000-square-meter (21,527-square-foot) casino with 36 gaming tables and 20 electronic gaming machines, according to Bloomberry's 2023 third-quarter financial report.

Bloomberry announced in 2016 that it would sell the complex to former Macau junket investor You Kun Group Holdings Ltd., but the deal collapsed within six months. The casino company said it would continue to operate Jeju Sun after Iao Kun "failed to raise the funds necessary to complete the sale."

In December of that year, Razon said Bloomberry was in no rush to find a new buyer for Jeju Sun because the business was slowly starting to grow, according to media reports.

The property has since undergone extensive renovations, with work completed in December 2019, Bloomberry reported.

According to Bloomberry's latest quarterly results, the South Korean business remained in the red in the third quarter of 2023, with a net loss of Php86.2 million ($1.5 million).

ressions of interest and offers in the past," the company said in a filing with the Philippine Stock Exchange on Thursday.

The company's clarification to the exchange comes after the Philippine Inquirer published an article saying Bloomberry was "preparing to sell" the South Korean complex.

"Despite growing interest in Jeju Sunshine Hotel & Casino from potential buyers, no deal has yet been concluded to sell the Jeju Sunshine Hotel & Casino," Bloomberry said in its latest filing.

Bloomberry, controlled by entrepreneur Enrique Razon, operates the Solaire Resort & Casino in the Philippine capital of Manila. The company is also developing a casino resort project in Vertis, Quezon City, which is expected to open in the first half of this year.

The Jeju property includes a 202-room hotel and a 2,000-square-meter (21,527-square-foot) casino with 36 gaming tables and 20 electronic gaming machines, according to Bloomberry's 2023 third-quarter financial report.

Bloomberry announced in 2016 that it would sell the complex to former Macau junket investor You Kun Group Holdings Ltd., but the deal collapsed within six months. The casino company said it would continue to operate Jeju Sun after Iao Kun "failed to raise the funds necessary to complete the sale."

In December of that year, Razon said Bloomberry was in no rush to find a new buyer for Jeju Sun because the business was slowly starting to grow, according to media reports.

The property has since undergone extensive renovations, with work completed in December 2019, Bloomberry reported.

According to Bloomberry's latest quarterly results, the South Korean business remained in the red in the third quarter of 2023, with a net loss of Php86.2 million ($1.5 million).