Bloomberry denies extension of Jeju deal closing date

Sunday 25th of September 2016

Casino operator Bloomberry Resorts Corporation has denied agreeing to extend the required closing date for the acquisition of Jeju Sun Hotel & Casino.

In its second quarter report published on Monday, Iao Kun Group Holding Company Ltd said "In the interim, the Company and the seller [Bloomberry Resorts Corporation] have agreed to extend the required closing date for the acquisition [of Jeju Sun Hotel & Casino]."

However, Bloomberry, in a filing to the Philippine Stock Exchange has clarified “that it has not agreed to the extension of the closing date for the said transaction with Iao Kun.”

In June, Bloomberry announced it was selling its Jeju casino property in South Korea to Iao Kun Group Holding Ltd, for approximately $102.3 million.

"Iao Kun desires to enter into the Jeju market and is confident that it can attract its Chinese VIP customers to Jeju Island. Solaire Korea, on the other hand, intends to focus its effort on the development of its property in Muui and Silmi Islands," said the casino operator at the time.

It was expected that the transaction would be completed within 45 days.