Bloomberry set for best ever quarter

Bloomberry Resorts is looking to report its best ever quarterly GGR and EBITDA in August, as the Philippine market gathers momentum, said a note from CLSA on Monday.

According to the brokerage, company-specific issues at Bloomberry that haunted 2015 look to be abating, bad debts are under control and the loss-making Korean operation is in the process of being divested.

Last month, Bloomberry announced it was selling its Jeju casino property in South Korea for about $102.3 million to Iao Kun Group.

The company said in a filing to the Philippine Stock Exchange that it will sell its 96.23 percent shareholding in Golden & Luxury Co. – the owner and operator of the Jeju Sun Hotel & Casino – in a transaction worth KRW 117.5 billion, which includes the shares and a shareholder loan.