First overseas gaming complex for PH firm
BLOOMBERRY Resorts Corp., the listed developer and operator of Solaire Resort and Casino, is set to open its first offshore casino complex in South Korea this month in the wake of renovation on the existing casino complex.
Under Phase 1 of a planned program for the overseas operations, the casino resort on Jeju Island in South Korea is set to be completed and re-opened to the public sometime this month, Bloomberry said in a disclosure to the Philippine Stock Exchange (PSE) on Monday.
The rebranded facility is called the Jeju Sun Hotel & Casino, which used to be T.H.E. Hotel & Vegas Casino. This is the first time Bloomberry has branched out overseas.
Last March, the company bought Muii and Silmi Island in Jeju, as well as a 96.23-percent stake in the South Korean gaming firm Golden & Luxury Co. Ltd. which operates T.H.E Hotel & Vegas Casino, one of seven casinos on Jeju Island.
Ten percent of the 96.23 percent equity in Jeju Sun Hotel & Casino is under the name of Bloomberry and 86.23 percent is held through subsidiary Solaire Korea Co. Ltd.
Phase 2 of the plan is expected to be completed by end-December. The renovation works for Jeju Sun Hotel & Casino started last May.
The revamped Jeju Sun Hotel & Casino will offer table games and electronic gaming equipment, but the facility is open only to foreign guests.
“We are very excited to introduce Jeju Sun Hotel & Casino starting out with the re-opening of this world-class casino after only less than four months. This is our first operating overseas property, and we exerted much effort to put in place the ambiance and amenities that would enrich the gaming experience,” Enrique Razon Jr., Bloomberry chairman and CEO, said.
The casino complex is five minutes away from the Jeju International Airport.
Korean players are still the largest market in terms of gaming, followed by the Chinese players, Razon earlier said.