GGRAsia – Bloomberry appeals Singapore court ruling vs GGAM

Bloomberry appeals Singapore court ruling vs GGAM

Jul 01, 2020 Newsdesk Latest News, Philippines, Top of the deck

Philippines-based casino operator Bloomberry Resorts Corp says two of its units have filed an appeal to the Singapore Court of Appeal regarding a decision from the city-state’s High Court in the case related to a financial award payable to entities linked to U.S.-based Global Gaming Asset Management LLC (GGAM).

The appeal to the highest court in Singapore was filed on Monday by Bloomberry Resorts and Hotels Inc and Sureste Properties Inc, said the parent company in a Tuesday filing to the Philippine Stock Exchange.

Bloomberry developed and operates the Solaire Resort and Casino (pictured), a property that opened in the Philippine capital Manila in March 2013.

On May 29, the Singapore High Court had dismissed a petition from the two Bloomberry subsidiaries asking the judicial body to “set aside/resist” enforcement of a 2019 final financial award payable to entities connected to GGAM.

The earlier decision made by a Singapore-based arbitration tribunal in September 2019 ordered the two Bloomberry units to pay US$296 million to Global Gaming Philippines LLC and GGAM Netherlands BV.

The case related to the termination of a management services agreement that had existed between the Bloomberry subsidiaries and the entities linked to GGAM. The latter group in turn has links to former casino executive William Weidner.

In September 2016, the same international arbitration tribunal in Singapore ruled that the Bloomberry subsidiaries were “not justified” in terminating the management services contract with the GGAM unit. The tribunal also affirmed GGAM’s ownership of – and right to sell – the 921,184,056 shares it held in Bloomberry.

The casino operator had said previously that, according to its legal advisors, “the arbitration award is not self-executing and must be confirmed by a domestic court for it to have the legal effect of a judgment” in the Philippines.