Razon keeps casino venture in Korea
Updated November 14, 2017 – 12:00am
http://www.philstar.com/
MANILA, Philippines — Ports tycoon and casino magnate Enrique Razon has decided to keep his casino in Jeju, Korea, his first venture overseas.
In a chance interview yesterday on the sidelines of the Asean Business & Investment Summit, Razon revealed he has already changed his mind regarding his Jeju casino and is keeping it.
“Jeju has improved. It’s close to breaking even,” he said.
In June last year, Razon said he was selling the Jeju venture amid a difficult business environment marred by tax issues and huge expenses.
Bloomberry Resorts Corp., operator of Solaire hotels, earlier said subsidiary Solaire Korea Co. Ltd. was selling its 96.23 percent shareholdings in Golden & Luxury Co. Ltd, the owner and operator of the Jeju Sun Hotel & Casino in Jeju Island, South Korea to Chinese casino group Iao Kun Group Holding Co.
Bloomberry acquired a majority stake in the Jeju casino in April 2015.
It swang to profitability in the nine months with net earnings growing 275 percent to P5.96 billion. In the third quarter, net income grew 31 percent to P1.86 billion.
Consolidated revenues grew 28 percent to P28.07 billion. Gross gaming revenues increased 18 percent to P11.64 billion during the quarter and by 23 percent to P34.57 billion during the nine-month period.
While it accounted for only 2.1 percent of total consolidated revenues, Jeju Sun reported an 11 percent increase in its third quarter revenues to P201 million.
