Solaire operator Bloomberry Resorts Corporation has officially exited the South Korean casino business after completing the sale of Jeju Sun to a local firm.
Having announced in October plans to spin-off its Korean subsidiary Golden & Luxury Co Ltd to a new company and then sell the new company, Bloomberry said in a Wednesday filing that the process was now complete.
“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 said.
“The buyer, now named Blue One Ltd, has completed payment of KRW7 billion and Golden & Luxury Co Ltd has transferred ownership of the shares of Heaven Co Ltd to the buyer.”
While Bloomberry no longer holds any stake in the casino business, it retains ownership of the property and its gaming space, the latter of which will be leased out to Blue One Ltd until it is able to find a suitable location for its casino operations. The property also boasts a hotel and F&B outlets owned by Bloomberry.
The Philippine-based casino operator has long sought to offload Jeju Sun, which has struggled to make a profit.
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