This is a case of one man’s trash being another man’s treasure.

Macau junket investor Iao Kun Group Holding Company (IKGH) is convinced that it made a good decision by buying Jeju Sun Hotel & Casino on South Korea’s Jeju Island from Philippine casino operator Bloomberry Resorts Corporation.

Bloomberry Resorts announced Thursday that it sold Jeju Sun to IKGH for KRW 117.5 billion (US$102.6 million). Analysts said the move to sell Bloomberry’s assets in Jeju Island would help eliminate the financial drag on its operations.

But unlike Bloomberry, IKGH sees the acquisition as an “optimal way to diversify outside of Macau,” noting the potential of VIP operations on the island to grow rapidly. It will also make IKGH the first Macau gaming operator to have a gaming license in Jeju.