{"id":6842,"date":"2024-03-21T12:47:04","date_gmt":"2024-03-21T12:47:04","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/03\/21\/bloomberry-resorts-group-resolves-conflict-with-global-gaming-asset-management\/"},"modified":"2024-03-21T12:47:04","modified_gmt":"2024-03-21T12:47:04","slug":"bloomberry-resorts-group-resolves-conflict-with-global-gaming-asset-management","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/03\/21\/bloomberry-resorts-group-resolves-conflict-with-global-gaming-asset-management\/","title":{"rendered":"Bloomberry Resorts Group Resolves Conflict with Global Gaming Asset Management"},"content":{"rendered":"<div>\n<p>Global Gaming Asset Management (GGAM) and Bloomberry Resorts Group, two major companies in the Philippines\u2019 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.<\/p>\n<p>The dispute began when Bloomberry decided to break up its partnership with GGAM after its Solaire Resort &#038; Casino opened to great success. Back in 2011, GGAM purchased an 8.7% share in the project and signed a five-year management agreement.<\/p>\n<h2><strong>The Legal Battle Unfolds<\/strong><\/h2>\n<p>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\u2019s owner, had leveraged personal connections in the Philippine stock market to impede GGAM from selling its interest in Solaire.\u00a0The legal saga persisted for over a decade until reaching resolution.<\/p>\n<p>In 2019, a Singaporean arbitration panel ruled in favor of GGAM, ordering Bloomberry to pay $296 million as compensation. Subsequently, Singapore\u2019s highest court upheld this decision in 2021. However, Bloomberry pressed for enforcement through a Philippine court order.<\/p>\n<p>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\u2019s ruling should be enforced against Razon\u2019s American holdings.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow noopener\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>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.<\/p>\n<p>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\u2019s shares through the Philippine Stock Exchange. The long-running tensions between the two entities are resolved by this deal.<\/p>\n<p>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.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/bloomberry-resorts-group-resolves-conflict-with-global-gaming-asset-management\/\">Bloomberry Resorts Group Resolves Conflict with Global Gaming Asset Management<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Global Gaming Asset Management (GGAM) and Bloomberry Resorts Group, two major companies in the Philippines\u2019 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-6842","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=6842"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6842\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=6842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=6842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=6842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}