Enrique Razon’s new venture in Korea’s Jeju Island is shutting its doors temporarily.
In a disclosure to the Philippine Stock Exchange, Bloomberry Resorts said the island’s gaming regulator CRD suspended the Jeju Sun Hotel and Casino’s gaming operations for one month “as penalty for the acts of its previous casino management.”
“This was the result of CRD’s investigation of the gaming tax (tourism tax) payment practices of the casino then known as ‘LVegas Casino’ under its old management and owners,” Bloomberry said in its filing.
The casino is now under the management of Razon’s Bloomberry Resorts, which holds 96.23 percent of shares through its subsidiary Solaire Korea Co. Ltd. The foreigner-only casino has been rebranded as Jeju Sun Hotel and Casino following Bloomberry’s acquisition.
The one-month suspension will start on Nov. 16 and will end on Dec. 15, but it will not affect the hotel operations. According to the Manila-based casino operator, Jeju Sun will use the time to “complete its renovation and upgrade of its gaming floors and facilities, and to expand its ballroom.”
“The new management of Jeju Sun has assured CRD of its cooperation and it has established policies and procedures to avoid the problems of the past management which triggered the CRD investigation and penalty,” Bloomberry stated.
The upgraded Jeju Sun Casino is expected to re-open on December 16, “in time for the winter holidays peak season,” according to the casino operator.
Bloomberry previously announced that the new-renovated casino will feature 208 hotel rooms, a 2,125-square-meter casino floor, and a number of entertainment and dining options. Jeju Sun will offer “premium gambling facilities,” including blackjack, baccarat, Sic Bo, and roulette, among others.
Aside from Jeju Sun, Bloomberry is also reportedly gunning for two new casino licenses in Korea. The country’s Ministry of Culture, Sports and Tourism is in charge of handing out casino licenses through its Integrated Resort RFP process. However, this process doesn’t apply to Jeju because the island is considered a self-governing province that is able to run its own casino-related development program.