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(AsiaGameHub) – CSA Cosmic, a South Korean cosmetics company that is set to become the majority shareholder of Blue One Casino on Jeju Island, aims to attract more VIP visitors through luxury offerings that merge beauty and leisure.
The company, which is listed on KOSDAQ and headquartered in Seoul, produces cosmetics and building materials. It plans to invest KRW3.5 billion ($2.36 million) in Blue One, which operated as Jeju Sun under its previous owner, Philippines-based Bloomberry Resorts Corp. The venue reopened under its new name on March 16.
Of the total investment, KRW1.3 billion will be used to buy convertible bonds, while KRW2.2 billion will be provided as cash loans. Through a debt-to-equity conversion, the loan will be transformed into shares, establishing CSA as Blue One’s biggest shareholder. Blue One intends to separate its hotel and casino operations into distinct entities, with CSA Cosmic taking over the casino business.
“Our involvement in this casino operation represents not merely an external expansion, but rather establishing a foundational platform for structural growth that integrates beauty and leisure,” CSA Cosmic stated. The company committed to “boosting shareholder value by optimizing the synergies between our current brand transformation and new ventures.”
According to Chosun Biz, CSA Cosmic will launch a visitor package that merges “K-beauty experiences” with “exclusive VIP tourism services” targeting international clientele.
Can Blue One succeed where Bloomberry failed?
KH Holdings, Blue One’s parent company, purchased the former Jeju Sun property from Bloomberry Resorts earlier this month. The acquisition cost KRW7 billion, with a remaining payment of KRW3 billion scheduled for February 2027. The transaction signaled Bloomberry’s departure from South Korea’s casino sector, though the company retains leases on the gaming areas and continues managing the hotel and food and beverage facilities.
Bloomberry initially bought Jeju Sun (then called THE Hotel Vegas) in 2015. Enrique Razon, Chairman and CEO of Bloomberry, later acknowledged that the purchase was a mistake, citing South Korea’s strict prohibition on gambling by local residents.
Kangwon Land, located in the remote Gangwon Province, remains the sole casino accessible to South Korean nationals. “When local residents are barred from gambling, you cannot develop a genuine property or a true resort,” Razon commented in 2020. “The operation will always remain small, essentially a niche business, and will likely struggle to expand.”
During the first half of 2025, Jeju Sun posted gross gaming revenue of PHP6.2 million, representing a decline of PHP45.1 million compared to the same timeframe in 2024. The hotel and food and beverage divisions produced revenue of PHP183.3 million in the first six months of 2025, marking a modest 1.1 percent rise.
KH Holdings aims to improve on these results. The company has noted a transformation in tourism expenditure trends, moving away from “shopping-focused trips” toward “experience and entertainment-driven travel.” Blue One will “advocate for a stay-centric tourism approach by persuading overseas guests to extend their visits and raise individual spending,” according to the company. The casino will concentrate on table games to achieve “consistent revenue expansion and financial success” within the high-end market.
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