JEJU ISLAND – Jeju Island’s gaming regulator, CRD, has imposed an administrative penalty of one month suspension of gaming operation of Jeju Sun casino as penalty for the acts of its previous casino management.
In a disclosure to the Philippine Stock Exchange (PSE), Bloomberry Resorts Corporation (PSE:BLOOM), which is now the new owner of Jeju Sun, said the suspension 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.
The casino is now under the new management of Bloomberry Resorts Corporation after its subsidiary Solaire Korea Co. Ltd. acquired control (96.23 percent) of G&L Co. Ltd. from the its old management and owners.
The casino and hotel has now been rebranded as “Jeju Sun Hotel & Casino”. The hotel operation is not affected by the one month suspension, said Bloomberry in the disclosure.
“Jeju Sun will use this one month period of suspension to pursue and complete its renovation and upgrade of its gaming floors and facilities, and to expand its ballroom,” Bloomberry disclosed.
The suspension will start on 16 November 2015 and will end on 15 December 2015. The Jeju Sun Casino will open its upgraded and expanded facilities for business on 16 December 2015 in time for the winter holidays peak season.
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. – BusinessNewsAsia.com