Oct 06, 2021 Newsdesk Latest News, Philippines, Top of the deck
Philippines-based casino operator Bloomberry Resorts Corp says the Singapore Court of Appeal has dismissed an appeal from two Bloomberry subsidiaries regarding a case against Global Gaming Philippines LLC, a unit of United States-based Global Gaming Asset Management LLC (GGAM).
The court decision was issued on Monday (October 4), according to a filing on Wednesday 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.
Bloomberry said two of its units had applied to the Singapore Court of Appeal about a May 2020 decision from the city-state’s High Court, which denied their petition to set aside a final financial award in favour of entities linked to GGAM.
The appeal to the highest court in Singapore had been filed by Bloomberry Resorts and Hotels Inc and Sureste Properties Inc, according to the parent company.
In September 2019, a Singapore-based arbitration tribunal ordered the two Bloomberry units to pay about US$296 million to Global Gaming Philippines and GGAM Netherlands BV.
Bloomberry said on Wednesday that in the event that GGAM “will file an action to enforce” the award in the Philippines, where the assets and business of its units are located, its subsidiaries “will oppose such enforcement based on applicable Philippine law.”
In February, the Singapore Court of Appeal had already dismissed an appeal from the two Bloomberry subsidiaries regarding a “partial award” in favour of entities linked to GGAM.
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.
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