A rebranded casino has begun operations on South Korea’s Jeju Island after KH Group completed its acquisition of the former Jeju Sun casino, marking the return of an active gambling venue to a site that had been dormant during a months-long ownership transition.
Blue One Casino has been opened to the public, after a formal launch ceremony signalled the conclusion of a deal that transferred ownership from Philippines-listed Bloomberry Resorts Corp to Blue One Ltd, the KH Group vehicle leading the acquisition.
Deal structure and transaction terms
The acquisition was completed on 4 March 2026, according to a stock exchange disclosure filed by Bloomberry under SEC Form 17-C. The total transaction value stood at KRW 10 billion ($6.86 million), with KRW 7 billion ($4.80 million) paid upon completion and the remaining KRW 3 billion ($2.06 million) due by 27 February 2027.
The transfer was structured through a corporate demerger. Bloomberry’s subsidiary, Golden & Luxury Co Ltd, carved the casino’s gaming licence and operations into a newly created entity called Heaven Co Ltd before the transaction closed. Blue One Ltd then acquired ownership of Heaven Co Ltd, taking control of both the licence and the operating business in a single step.
The Bloomberry filing confirmed the terms directly: “gaming license and operations … transferred to Heaven Co., Ltd.” The acquisition of that entity by Blue One Ltd followed upon receipt of the initial payment.
Regulatory framework and licensing position
Blue One Casino operates within Jeju Island‘s foreigner-only casino regime, a regulatory structure that restricts table game access to non-Korean nationals. The island hosts multiple licensed casinos operating under this framework, which is administered at the national level by South Korea’s Ministry of Culture, Sports and Tourism.
The licence itself was not issued anew as part of this transaction. Rather, it transferred alongside the operational business through the Heaven Co Ltd demerger mechanism. That structure allowed Blue One Ltd to inherit an existing licensed and operational entity, rather than seek fresh regulatory approval for a new venue.
Bloomberry’s exit from the Korean market
For Bloomberry, the sale closes a chapter in what had been an underperforming international venture. The Jeju Sun casino had been reported as a loss-making asset under Bloomberry’s ownership, sitting outside its core Philippines operations. The divestment allows the Manila-headquartered group to focus on its domestic portfolio, which includes Solaire Resort in Manila Bay.
The Jeju property had suspended operations ahead of the ownership change, with the transition period running from late 2025 through to the March completion. The refurbishment and rebranding that followed culminated in the Blue One name and identity now associated with the reopened property.
Operational status
Blue One Casino is in full operation under its new ownership. KH Group has positioned the venue under the Blue One brand, which the group also applies to other leisure and hospitality assets.
The reopening restores a licensed gambling venue to Jeju’s foreigner-only market, where competition among casino operators is shaped by proximity to Chinese tourist flows and the island’s status as a visa-free destination for certain nationalities. Blue One Casino now enters that competitive environment as an active participant under wholly new ownership and management.
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