• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Jeju casino sale falls through: Bloomberry’s Razon

Dec 09, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Jeju casino sale falls through: Bloomberry’s Razon

The chairman and chief executive of Philippines casino operator Bloomberry Resorts Corp, Enrique Razon, said on Thursday that the sale of the Jeju Sun Hotel and Casino (pictured) – on Jeju Island in South Korea – to junket investor Iao Kun Group Holding Co Ltd would not take place.

“We had a sale already done but it fell through,” said Mr Razon, as quoted by the Philippine Daily Inquirer newspaper. He reportedly added that the buyer did not have enough funds to complete the deal.

Bloomberry had announced in June that Iao Kun planned to acquire the Jeju venue for a total consideration of KRW117.5 billion (US$101 million). The Philippine company said at the time that there was an expectation the deal would be closed within 45 days of the June 23 announcement.

A representative of Nasdaq-listed Iao Kun had said in September that the firm and Bloomberry had agreed to extend the required closing dates for the acquisition of Jeju Sun. Bloomberry however refuted the claim a few days later.

In September, during a conference call following Iao Kun’s second quarter results, the firm’s management said it was trying to find alternatives to finance the acquisition of Jeju Sun. The management said it wanted to complete the deal through debt financing because issuing equity was “off the table”.

Iao Kun in September was granted a six-month grace period to become once again compliant with the minimum bid price of US$1.00-per-share necessary for its listing in Nasdaq.

Since the second quarter reporting period, Iao Kun-related junket operations have been halted at three Macau VIP rooms: one at Sands Cotai Central, a property of Sands China Ltd; and one each at respectively, Galaxy Macau and StarWorld Hotel, properties of Galaxy Entertainment Group Ltd.

The moves coincided with what Lam Man Pou, chairman of Iao Kun, has described as “a strategic review of our operations to reduce expenses and continue to preserve our capital”.

On Thursday, Mr Razon said Bloomberry was “not in a hurry” to look for new buyers for Jeju Sun, as business was slowly starting to ramp up, reported the Inquirer.

Bloomberry said in a November filing that it continued to operate Jeju Sun, after Iao Kun “failed to raise the funding necessary to consummate the sale”.

Jeju Sun reported gross gaming revenue of PHP28.2 million (US$566,699) for the third quarter of 2016. Non-gaming revenue (excluding interest income) amounted to PHP55.4 million in the period.

Bloomberry reported net profit of approximately PHP1.41 billion for the three months ended September 30, compared to a loss of PHP187.4 million in the prior-year period.


  • tweet
Related articles
  • Paradise 4Q loss up sequentially, positive EBITDA
    Paradise 4Q loss up sequentially,...

    Feb 26, 2021  

  • Kangwon licence extension to come with tax rejig: JP Morgan
    Kangwon licence extension to come with...

    Feb 24, 2021  

More news
  • Covid-19 test cert no longer needed for Macau casino entry
    Covid-19 test cert no longer needed for...

    Mar 02, 2021  

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock award
    Lim Kok Thay, GEN Singapore execs in...

    Mar 02, 2021  


Latest News

Covid-19 test cert no longer needed for Macau casino entry

Covid-19 test cert no longer needed for Macau casino entry

Mar 02, 2021  

From after the stroke of midnight on Wednesday (March 3) people wishing to enter Macau casino floors will no longer need to show a test certificate proving they are free of Covid-19 infection, said...
Read More
Lim Kok Thay, GEN Singapore execs in US$1.3mln stock award

Lim Kok Thay, GEN Singapore execs in US$1.3mln stock award

Mar 02, 2021  

Five groups qualify for next phase of Nagasaki casino tilt

Five groups qualify for next phase of Nagasaki casino tilt

Mar 02, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

”Consumers are increasingly comfortable using cashless technology, and they will continue to expect this option to be available on the floor"

Matt Wilson

Chief executive – gaming business at casino equipment and technology supplier Scientific Games



Most Popular

  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Suncity to open clubs at Londoner Macao, Lisboa PalaceSuncity to open clubs at Londoner Macao, Lisboa Palace February 26, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us