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South Korea – Iao Kun Group pull out of Jeju sale

By - 12 December 2016

Iao Kun Group Holding Company’s purchase of Bloomberry Resorts’ Jeju casino in South Korea has fallen through.

Bloomberry Chairman Enrique Razon confirmed that negotiations with the Macau junket operator had come to an end.

He 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 was looking to sell Solaire Korea’s 96.23 percent shareholding in Golden & Luxury, the owner of the Jeju Sun Hotel & Casino.

Bloomberry posted a net profit of P1.6bn in the January to September period, up from a net loss of P1.5bn for the same period last year.

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