Philippine casino operator Bloomberry Resorts has sold its South Korean casino to Macau junket investor Iao Kun Group Holding Company (IKGH).

Last week, Bloomberry publicly confirmed that it was mulling the sale of its Jeju Sun Hotel & Casino on South Korea’s Jeju island. On Thursday, Bloomberry announced that its Solaire Korea Co Ltd subsidiary had reached a deal to sell its 96.23% stake in Golden & Luxury Co Ltd to IKGH for KRW 117.5b (US $102.6m).

The deal still requires regulatory approval and for IKGH to perform due diligence. IKGH has made an initial deposit of KRW 10b, which will be held in escrow for 45 days, after which it will be either credited towards the sale price or returned to IKGH if the deal fails to progress.

In a filing to the Philippine Stock Exchange, Bloomberry said IKGH, “desires to enter into the Jeju market and is confident that it can attract its Chinese VIP customers to Jeju Island.”