Bloomberry Owns Jeju Sun Hotel & Casino
Bloomberry Resort will not transfer ownership of Jeju Sun Hotels & Casinos to Iaokun Group as Jeju Sun Hotels & Casinos Group fails to secure funds for the deal. Bloomberg Chairman Enrique Rajon and Iaokun signed a deal with Bloomberry's Golden & Luxury Inc in June to buy a 96.23% stake in the operating sector for $117.5 billion (about $100 million) while confirming to reporters on the sidelines of Thursday's event in the Philippines.
Since Bloomberry's acquisition, the company's profits have been hit by the search for casino development on several continents, but profits have begun to pick up on Jeju Island, and the company is not in a hurry to replace Iokun and put down its properties. Rayzone put the property up for sale less than a year after it was purchased due to poor performance, but the previous management had a tax problem, and the casino was forced to close for a month as a sanction. Bloomberry took this opportunity to accelerate the refurbishment of the old T.H.E. Hotel & Vegas Casino.
Businesses have also resumed in the Philippines, removing pressure to make Bloomberry profitable and dispose of less good assets that could become a high-income earner. The Solaire developer's acquisition of Jeju property was its first venture outside the Philippines. Bloomberry was one of three finalists for the coveted Southern Cypriot Consolidated Resort License, which Melco/Hardlock won after Bloomberry and Nagakov failed to submit bids in time for the bid. The failed application for the real estate acquisition is said to have exceeded the mandatory deadline for the government to extend it once. A Philippine Stock Exchange filing at the end of 2015 showed that Bloomberry is eyeing development in Argentina. In Korea, Rajon is reportedly visiting Quezon City in northern Manila to develop a $481 million casino property.
Bloomberg recovered its profitability in its August report covering the first half of 2016.
Iao Kun Group Holding Company Ltd. has played a major role in Macau junket and promotional activities, and is one of the first operators to post heavy losses as China clamped down on Macau high-roller gambling. They had previously diversified sharply when they acquired Australian Crown Casino's internal junket assets in May 2015, but continued to close their Macau VIP rooms due to a sharp drop in rolling chip supplies.
In September, Iao Kun said it was still finalizing a deal for the purchase of Jeju Sun, despite a June announcement indicating the deal could be closed within 45 days, which Bloomberry denied at the time. 슬롯머신