Mere hours ago, representatives of Bloomberry Resorts Corp. announced that they are about to make a significant investment and acquire an island as well as a casino operator on the territory of South Korea.
The move is a part of their plan for expanding their business and enter foreign markets. Bloomberry Resorts Corp. is a Philippines-based company and now it is attempting to enter the gambling sector of South Korea.
Apparently, the move has been a well-thought-out one and it enables Bloomberry to become available on the gambling market in the north part of Asia. The increasing number of tourists, visiting South Korea is believed to be a main factor for their decision.
According to the information revealed by Bloomberry officials, the subsidiary known as Solaire Korea Co Ltd, has inked an agreement and now it is about to become the majority stakes holder of Golden & Luxury Co Ltd. The latter manages the popular T.H.E. Hotel & Vegas Casino. The luxurious property is located on the Jeju Island.
In addition, the company announced that it is about to acquire a piece of land on the Silmi Island, situated west of Seoul. The purchase is the second, made by Bloomberry officials. They are planning to establish a mega resort featuring various leisure and entertainment options.
As for the expenses Bloomberry made for the acquisition, no official information has been released so far. Presumably, once the aforementioned deals receive the necessary approval from the government members, more details will be revealed.
Yet, Bloomberry officials released a special statement concerning the expansion of their business and company’s chairman, Enrique Razon, said that they regard South Korea as a prospective location and their investment will pay off within the next few years.
Bloomberry is a company that has already consolidated its positions on the gambling market in the Philippines as it manages a mega casino resort in Manila Bay and its popular brand will be introduced in South Korea anytime soon.
Meanwhile, South Korean authorities are thoroughly reviewing the opportunity for giving the green light to the establishment of two casinos in the country and therefore, boosting the local economy and tourism sector.
In order that goal to be achieved, a considerable investment needs to be made. Developers that are willing to establish casino resorts are expected to invest almost $900 million each, in the construction of the properties.
