Razon-led Bloomberry Resorts Corp. has sealed its exit from the Jeju casino business after its South Korean indirect subsidiary, Golden & Luxury Co. Ltd., signed and completed a definitive Share Purchase Agreement with Gangwon Blue Mountain Co. Ltd.

In a disclosure on Wednesday, Bloomberry, the operator of Solaire Resorts & Casino, confirmed that the demerger of its Jeju Sun casino business has been completed, with the gaming license and operations transferred to a new company, Heaven Co. Ltd.

Blue One Ltd.

The buyer, now renamed Blue One Ltd., has paid KRW7 billion, prompting Golden & Luxury Co. Ltd. to transfer ownership of Heaven Co. Ltd. to the buyer on the same day.

There remains a balance of KRW 3 billion on the purchase price, which the buyer is set to pay on or before 27 February.

Under the arrangement, Heaven Co. Ltd. will continue operating the casino business within the premises of Golden & Luxury Co., Ltd.’s property in Jeju Island under a lease agreement until it secures a new site for its operations.