💰 Bloomberry Resorts bets big on South Korea - Nikkei Asian Review

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Bloomberry Resorts, owner of Solaire Resort & Casino in the Philippines and Jeju Sun Hotel & Casino in South Korea, saw its profits increase.


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Through its offshore unit, Solaire Korea, Bloomberry purchased the tiny islands of Muui and Silmi, near Incheon, and a hotel and casino on the.


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Solaire owner's entrance and exit from Korea resort island highlights trends in Bloomberry Resorts' sale of its Jeju Sun casino in South Korea.


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Razon-led Solaire Korea Co. Ltd. has pared down its exposure in South Korea with the sale of its interest in the Jeju Sun Hotel & Casino.


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ICTSI has port concessions in more than 20 countries. In the fledgling Philippine gaming industry, casinos are starting to feel the heat of competition as new players crowd in. Its market capitalization has been halved to Through its offshore unit, Solaire Korea, Bloomberry purchased the tiny islands of Muui and Silmi, near Incheon, and a hotel and casino on the island of Jeju. Get trusted insights from experts within Asia itself. Asia can accommodate new entrants to the business, according to Liu. The Philippine company could improve its chances by showing it has a casino up and running in the country, he said. People are getting richer, which [allows] them to do more things," Liu said.

Nevertheless, investors do not appear keen on the strategy. Macau, another potential option for Bloomberry, faces strong headwinds, as Solaire casino in south korea Xi Jinping's anti-corruption campaign on the mainland continues.

Melco Crown early this year began full-scale operation of the City of Dreams Manila, snatching some clients from Solaire and Resorts World.

Bloomberry may also be challenged by established solaire casino in south korea operators looking to invest in South Korea. Sign up to our newsletters to get our best stories delivered straight to your inbox.

The island, which has stopped issuing licenses for the moment, is increasingly vulnerable to policy changes in Beijing. To hedge its bets, the company needs to look elsewhere.

Back in South Korea, only one casino, Kangwon Land in Gangwon Province, is open to locals; the dozen or so other operators, including Paradise and Grand Korea Leisure, cater only to foreigners.

Philippine casino operators have not been spared. Arrow Artboard Created with Sketch. This year alone, 5. Artboard Created with Sketch. It is much smaller than its sister hotel in Manila, the Solaire casino in south korea Resort and Casino, which has rooms and around 18, sq. The Jeju Sun has rooms and 2, sq.

Stay ahead with our exclusives on Asia. And by opening a Solaire-branded facility, Bloomberry is also marketing its Philippine casino to South Koreans, and to the 14 million overseas tourists who visit South Korea each year. Around 1. Bloomberry and more than 30 other companies, including Galaxy Entertainment Group, are competing for two gaming licenses the South Korean government is poised to issue this year, Liu said.

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Business Bloomberry Resorts bets big on South Korea. Your trial read article has expired You need a subscription to Read all stories with unlimited access Use our mobile and tablet apps See all offers and subscribe.

Chinese tourists have been flocking to South Korea. A year after the Solaire's opening in MarchRazon began preparing for an expansion, telling reporters that he was talking to a potential partner for a gaming venture in Japan, where a measure to legalize casino gambling is under consideration.

He also expressed interest in Macau. In addition to racking up a 1. Your full access to the Nikkei Asian Review has expired You need a subscription to: Read all stories with unlimited access Use our mobile and tablet apps See all offers.

Copy Copied. The South Korean casinos are meant to be long-term concessions, according to analysts. The Solaire, the first casino to open at the Manila Bay entertainment hub, booked a 4. Fitch, however, points to a silver lining. They are expected add to the rivalry in the next two to three years. As relations have warmed between Seoul and Beijing, the South Korean government has relaxed visa requirements for Chinese visitors. Genting Singapore, for instance, plans to open Resorts World Jeju between and , the ratings agency said. He has experience dealing with regulations in various countries. Sponsored Content. But these challenges, including the prospect of a weaker Chinese travel market due to the slowing economy, may not last. The crackdown has dealt a blow to regional gaming companies, especially those in Macau, the world's gambling capital and a top destination for Chinese gamblers. The U. Razon made his first overseas move in South Korea, where Bloomberry is banking on the islands' proximity to other countries. It relies heavily on Japanese, as well as Chinese gamblers, and assuming casinos are legalized in Japan, its players may try their luck at home.