Global Gaming Asset Management (GGAM) and Bloomberry Resorts Group, two major companies in the Philippines’ gaming market, have come to an agreement following a protracted legal dispute. The long-running conflict will be resolved when Bloomberry purchases shares owned by GGAM in a massive $300 million transaction.
The dispute began when Bloomberry decided to break up its partnership with GGAM after its Solaire Resort & Casino opened to great success. Back in 2011, GGAM purchased an 8.7% share in the project and signed a five-year management agreement.
The Legal Battle Unfolds
GGAM contended that the contract termination was unjust and accused Bloomberry of withholding significant sums owed in fees and other dues. Furthermore, GGAM alleged that Enrique Razon, Bloomberry’s owner, had leveraged personal connections in the Philippine stock market to impede GGAM from selling its interest in Solaire. The legal saga persisted for over a decade until reaching resolution.
In 2019, a Singaporean arbitration panel ruled in favor of GGAM, ordering Bloomberry to pay $296 million as compensation. Subsequently, Singapore’s highest court upheld this decision in 2021. However, Bloomberry pressed for enforcement through a Philippine court order.
In the meanwhile, GGAM filed a lawsuit in New York, claiming that Razon had hidden his assets behind a network of shell corporations, and that the Singapore tribunal’s ruling should be enforced against Razon’s American holdings.
Bloomberry tried to have the lawsuit dismissed in 2023, but in the end, it was unsuccessful, so the firm decided to look for a solution.
All remaining problems between Bloomberry and GGAM have finally been resolved, with Bloomberry agreeing to pay $300 million to purchase 921,184,056 of GGAM’s shares through the Philippine Stock Exchange. The long-running tensions between the two entities are resolved by this deal.
With the conclusion, a protracted legal struggle comes to an end and new opportunities are opened for Bloomberry Resorts Group and Global Gaming Asset Management. This is a milestone for both companies.
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