nder the new name of Jeju Sun Hotel & Casino, reopening the venue this month is the first phase of a multi-stage refurbishment plan that is scheduled to complete by December.
According to a filing with the Philippine Stock Exchange on Monday, Bloomberry has a 96.23pc shareholding in the property. A total of 10pc is directly held by the Company and 86.23pc is held through its wholly owned subsidiary Soliare Korea Co Ltd., established at the beginning of the year with the objective to develop the Soliare brand in the region.
The recently acquired facility is the Company’s maiden venture outside the Philippines, where it opened the first integrated resort in state-run Entertainment City. The Company is one of many keen to expand in South East Asia due to the demise of gaming in Macau and South Korea has been a major target due to its thriving tourism and proximity to China.
“There are so many Chinese and despite the downturn in their economy, the impact will not obliterate the visitation of Chinese nationals to other countries,” commented a Bloomberry spokesperson. “If you’ve been to Korea, you will appreciate that Chinese love to fo to Korea to shop and play. This is not VIP but mass-to-premium mass market.”
Bloomberry made is foray into the market earlier this year when it bought 92pc of Golden & Luxury Co Ltd. that owns THE Hotel & Vegas Casino, one of seven casinos on Jeju. Under new management and a change in name, Jeju Sun Hotel & Casino is set to open a state-of-the-art casino and entertainment experience, with gambling only available to foreigners.
Only five minutes from Jeju International Airport, the destination casino resort will feature 208 rooms and suites, 2,125 sqm of gaming space, dining options that will feature fresh local produce and international cuisine, a bar and lounge and other hotel amenities. Jeju Island is a cultural location and is stamped by UNESCO as a world heritage site.
“We are very excited to introduce Jeju Sun Hotel & Casino starting with the re-opening of this world-class casino after only less than four months. This is our first operation overseas property and we exerted much effort to put in place the ambiance and amenities that would enrich the gaming experience,” remarked Enrique Razon, Bloomberry Chairman and CEO.