Philippine casino operator Bloomberry Resorts Corp says it has completed its settlement agreement with casino management company Global Gaming Asset Management LLC
The settlement, which required Sureste Properties Inc – a unit of Bloomberry – to purchase all the Bloomberry shares held by GGAM for a total of US$300 million, was concluded on Tuesday (April 30), Bloomberry said in a filing that day.
The agreed purchase price was PHP18.22 (US$0.32) per share, involving a total of 921,184,056 shares, said Bloomberry in a filing to the Philippine Stock Exchange. The sell and purchase of the shares was made through a special block sale.
The settlement “put an end to the dispute of [Bloomberry group] with GGAM which has dragged on for 10 years,” the casino operator said when it announced the agreement in March.
The settlement covered all the pending cases between the parties, including a case in the U.S. in which Philippine entrepreneur and Bloomberry chairman Enrique Razon was also a defendant, according to a previous filing.
The settlement also covered court cases opposing both groups respectively in the Philippines and in Singapore.
The overall dispute related to the termination of a management services agreement for the gaming facilities at the Solaire Resort and Casino (pictured), in the Philippine capital Manila, that had existed between several Bloomberry subsidiaries on one side, and entities linked to GGAM on the other side. The latter group has ties to former casino executive William Weidner.
Bloomberry is currently developing its second casino resort project in the Philippines. The property, located in Vertis, at Quezon City, is scheduled to open later this month.
