Bloomberry sale of South Korea casino falls through

ABS-CBN News

Posted at Dec 09 2016 06:46 PM

MANILA - The sale of Bloomberry Resorts Corp.'s Jeju casino property in South Korea will no longer push through after talks with a Macau junket operator fell through, company chairman Enrique Razon said.

"We had sale already done but it fell through. But business is starting [to] pick up so we are not in a rush," he said.

Bloomberry earlier said it agreed with Iao Kun Group Holding Company Limited on the sale by Solaire Korea Co. Ltd. of its 96.23 percent shareholding in Golden & Luxury Co. Ltd., the owner and operator of the Jeju Sun Hotel & Casino.

Bloomberry, the operator of Solaire Casino, sustained its return to profit this year despite its failure to sell the casino venture in South Korea.
     
The company said it posted net profit of P1.6 billion in the January to September period, from a net loss of P1.5 billion during the same period last year.
     
Bloomberry shares were down 1.56 percent to P6.30 on Friday.