Jeju casino found buyer

The announcement was immediately responded by Iao Kun Group, the future buyer.

South Korea.- Bloomberry announced the sale of its South Korean Jeju casino. Iao Kun Group was chosen as the future buyer, once national government approves the transaction. Bloomberry Resorts Corporation determined the price of the purchase for the shares and the shareholder’s loan in KRW$117.5 billion –US$102.3 million–.

“Bloomberry Resorts Corporation and Iao Kun Group Holding Company Limited hereby jointly announce that their respective subsidiaries have signed an agreement on the sale by Solaire Korea Company Limited of its 96.23 percent shareholding in Golden & Luxury Company Limited (G&L) – the owner and operator of the Jeju Sun Hotel & Casino in Jeju Island, South Korea,” said Bloomberry in a statement.

According to the Union Gaming analysts, Bloomberry decided to sell its property in the Asian country as they had a “difficult experience” with Jeju casino’s operation. Both gaming companies expect that the final transaction is completed within the following two months, once the negotiation about several conditions –including the satisfactory results of a due diligence that Iao Kun will conduct on the shares to be sold, G&L and its assets and business– are set.