Bloomberry denies Iao Kun’s claims of extending Jeju Sun deal deadline

Philippines-based casino operator Bloomberry Resorts has publicly refuted a junket operator’s claim that it had been given more time to close the purchase of Bloomberry’s South Korean casino business.

On June 23, Bloomberry announced that it had reached a deal to sell its Jeju Sun Hotel & Casino to Macau junket investor Iao Kun Group Holding Company (IKGH). The deal was expected to close within 45 days of the announcement.

Last week, during an analyst call to discuss IKGH’s grim Q2 results, IKGH director Jim Preissler claimed his company was having trouble arranging financing for the $102.6m deal, but reassured investors that Bloomberry had agreed to extend the 45-day deadline to allow IKGH more time to raise the readies.

On Monday, Bloomberry filed a terse notice with the Philippine Stock Exchange, titled ‘Clarification of News Reports.’ The notice referenced Preissler’s comments, then stated unequivocally that Bloomberry “has not agreed to the extension of the closing date for the said transaction with Iao Kun.”