GGRAsia – Jeju Sun hit with 1-mth closure penalty: Bloomberry

Jeju Sun hit with 1-mth closure penalty: Bloomberry

Nov 11, 2015 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck

Jeju Sun Hotel and Casino, on South Korea’s southern holiday island Jeju, has been ordered to suspend its gaming operations for one month, the majority owner Bloomberry Resorts Corp said on Wednesday. The suspension starts on Monday (November 16).

“As penalty for the acts of its previous casino management, Jeju Sun was imposed an administrative penalty of one month suspension of [its] gaming operation by the Jeju Island gaming regulator,” Bloomberry Resorts stated in a filing to the Philippine Stock Exchange.

It added: “This was the result of [a regulator’s] investigation of the gaming tax (tourism tax) payment practices of the casino then known as ‘LVegas Casino’ under its old management and owners.”

Bloomberry Resorts – developer and operator of Solaire Resort and Casino in the Philippine capital Manila – has since May held a 96.23 percent shareholding in the firm controlling the Jeju venue, the parent said in its second quarter earnings filing in August, adding at the time that the property was closed pending renovation. It reopened in mid-September, rebranded as Jeju Sun Hotel and Casino.

“The hotel operation is not affected by the one-month suspension,” Bloomberry Resorts stated in Wednesday’s filling.

The firm noted that the new management had assured the regulator of its cooperation, adding it had “established policies and procedures” to avoid the issues detected by the regulator from reoccurring.

“Jeju Sun will use this one-month period of suspension to pursue and complete its renovation and upgrade of [the casino's] gaming floors and facilities, and to expand its ballroom,” Bloomberry Resorts stated.

The property will reopen on December 16 “in time for the winter holidays peak season”, the company said.