The Market Monitor Minding the Nation's Business
Bloomberry Resorts Corp., the listed developer and operator of Solaire Resort and Casino, has signed a deal to sell its controlling stake in its hotel and casino in South Korea’s Jeju Island for about P4.76 billion.
Bloomberry reported to the bourse that its subsidiary Solaire Korea Co. Ltd. and of Iao Kun Group Holding Company Limited have signed an agreement on the sale by the former of its 96.23-percent shareholding in Golden & Luxury Co. Ltd. (G&L).
G&L is the owner and operator of the Jeju Sun Hotel & Casino.
The Macau-based Iao Kun Group Holding is engaged in gaming related business. It operates five VIP gaming rooms in five casinos in Macau and two casinos in Australia.
The purchase price for the shares and the shareholder’s loan is 117.5 billion won.
They hope to complete the transaction within the next 45 days. Iao Kun intends to enter into the Jeju market and is confident that it can attract its Chinese VIP customers to Jeju.
“Solaire Korea, on the other hand, intends to focus its effort on the development of its property in Muui and Silmi Islands,” Bloomberry said. RIZA LOZADA