PH’s Bloombery Resorts to acquire casino, South Korean island property

Visual from Bloombery website

Bloomberry Resorts Corporation, a listed developer of tourist facilities, casino entertainment, hotel and amusement-themed projects in the Philippines, has signed acquisition deals for an Island property, and a casino in South Korea.

Transaction details weren’t disclosed but Bloomberry assured the stock exchange that it will reveal the relevant information once agreements are complied with.

According to the document filed with the stock exchange Bloomberry has signed agreements with a group of shareholders of Golden & Luxury Co Ltd (G&L) and also entered into a real estate sales agreement for the purchase of the Silmi Island in the Republic of Korea.

G&L owns and operates T.H.E. Hotel & Vegas Casino in Jeju Island in South Korea.

Both island property and casino will be acquired by Bloomberry’s Korean subsidiary Solaire Co Ltd. The latter will acquire up to 92 per cent shareholdings in G&L.

According to Bloomberry, Silmi Island has an area of 20.96 hectares and is adjacent to the 12.2 hectares property in Muui Island. It is also within the coverage of the Incheon Free Economic Zone. This property is also intended to be developed into a leisure and tourism complex with entertainment facilities and mixed use developments.

Formerly Active Alliance Inc, Bloomberry got listed in the Philippine stock market in 1999 and was engaged in the manufacture and distribution of consumer communication and electronic equipment and operated within the Subic Bay Freeport Zone until 2003. In the same year, Bloomberry opened premium luxury integrated tourism-hotel and casino resort in the Philippines.

The corporation is part of the Bloomberry Group, along with Sureste Properties Inc, which oversees the hotel side of the business, and Bloomberry Resorts and Hotels Inc, which holds the Philippine Amusement and Gaming Corporation (PAGCOR) gaming license.

Bloomberry’s last traded price was at P10.64, up by 0.76 per cent or P0.080 to yesterday’s P10.56.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.