BLOOM sets agreement with GGAM to settle unresolved conflicts

A comprehensive agreement has been reached between Bloomberry Resorts Corp., a casino operator in the Philippines, and Global Gaming Asset Management LLC (GGAM), a casino management business, to resolve a number of unresolved concerns.

As per the deal, GGAM’s shares in Bloomberry would be acquired by Sureste Properties Inc., a Bloomberry subsidiary, for a total purchase price of US$300 million. In this transaction, 921,184,056 shares will be bought via a special block sale at a price of PHP18.32 (US$0.33) each.

Bloomberry said that the agreement will put an end to GGAM’s ten-year conflict. It will be applicable to all pending litigation between the parties, including cases involving legal disputes in Singapore, the Philippines, and the United States. It would also nullify a US$296.6 million arbitration award given to GGAM in 2019 by a Singapore-based tribunal; Bloomberry was contesting this decision in court.

The problem stemmed from the cancellation of a management services contract between firms connected to GGAM—a company that was formerly led by former casino CEO William Weidner—and Bloomberry subsidiaries for the gaming facilities at the Solaire Resort and Casino in Manila. March 2013 saw the introduction of Solaire, while September 2013 saw the agreement end due to an alleged “material breach” and “failure of discussions.”

Bloomberry has said that it would open in May of this year. Bloomberry is currently building its second casino resort in Vertis, Quezon City.

Original story by: GGRAsia