Bloomberry settles with GGAM for $300M
Enrique Razon, businessman and owner of casino operator Bloomberry Resorts, listens to a question during a stockholders meeting’ in Manila June 24, 2013. REUTERS/Romeo Ranoco
Bloomberry Resorts Corp. of tycoon Enrique Razon Jr. has ended its decade-long dispute with casino management firm Global Gaming Philippines LLC (GGAM) via a $300-million settlement.
In a stock exchange filing on Tuesday, the company said that under the agreement, its subsidiary Sureste Properties Inc. (SPI) was required to purchase 921.18 million shares in Bloomberry at P18.32 per share.
READ: Bloomberry nears prepandemic earnings with 2023 profit at P9.5B
“This purchase will be made through a special block sale through the Philippine Stock Exchange,” said Bloomberry, the operator of Solaire Resorts & Casino.
“This settlement will put an end to the dispute of SPI and BRHI (Bloomberry Resorts and Hotels Inc.) with GGAM which has dragged on for 10 years,” it added.
Article continues after this advertisementIn 2019, a Singaporean arbitration court ordered Bloomberry to pay $296 million to Las Vegas-based GGAM, which had claimed that it had been unjustly booted out of the management of Solaire Resorts & Casino in 2013.
The Singaporean Arbitration Tribunal also upheld GGAM’s claim to an 8.7-percent stake in Bloomberry in 2016.
