{"id":314798,"date":"2024-03-20T15:16:48","date_gmt":"2024-03-20T20:16:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=314798"},"modified":"2024-03-21T12:01:29","modified_gmt":"2024-03-21T17:01:29","slug":"bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/","title":{"rendered":"Bloomberry Settles Decade-Old Contract Spat for $300M"},"content":{"rendered":"

A longstanding court battle<\/a> between the Philippines\u2019 Bloomberry Resorts Group<\/a> and Las Vegas-based Global Gaming Asset Management (GGAM) was settled Tuesday after more than a decade of bad blood.<\/p>\n

\"Bloomberry,
Enrique Razon, the Philippines\u2019 third-richest man and chairman of the Bloomberry Resorts Group, above. His company was accused by GGAM of illegally violating a contract related to the management of the Solaire casino in Metro Manila. (Image: Reuters<\/em>)<\/figcaption><\/figure>\n

Bloomberry announced in a regulatory filing Tuesday it would buy Global Gaming\u2019s 921.2 million Bloomberry shares for US$300 million via a block sale on the Philippine Stock Exchange.<\/p>\n

\n

Bloomberry is owned by billionaire Enrique Razon, the Philippines\u2019 third-richest man. Its properties are the Solaire Casino Resort in Entertainment City, Metro Manila, and the Jeju Sun<\/a> in Jeju Island, South Korea.<\/p>\n<\/div>\n

GGAM is a casino development and gaming management company headed by former LVS Corp COO Bill Weidner. It has experience running some of the world\u2019s biggest casino resorts.<\/p>\n

Victim of Success<\/strong><\/h2>\n

The spat dates back to 2011, when GGAM signed a five-year contract to manage Solaire on its completion. At the same time, GGAM acquired an 8.7% interest in the project.<\/p>\n

\n

Solaire opened in 2013 and was an immediate success. It began turning a profit within months. Six months later, Bloomberry wriggled out of its contract with GGAM — unlawfully, according to the American company. Bloomberry also \u201cultimately withheld tens of millions of dollars in fees and other consideration owed to GGAM,\u201d according to court filings by GGAM\u2019s lawyers.<\/p>\n<\/div>\n

GGAM also claimed Razon \u201cleveraged his personal relationships in the Philippine stock market to unlawfully prevent GGAM from selling its equity interest in the project.\u201d<\/p>\n

In 2019, an arbitration panel in Singapore ordered Bloomberry<\/a> to pay $296 million to GGAM as compensation for wrongful termination, lost management fees, attorneys\u2019 fees, and court costs. In 2021, Singapore\u2019s highest court upheld the award.<\/strong><\/p>\n

But Bloomberry argued the award could only be enforced in the Philippines \u201cthrough an order of a Philippine court of proper jurisdiction.\u201d<\/p>\n

Case Moves to New York<\/strong><\/h2>\n

In 2021, GGAM sued Bloomberry in New York, asking the court to enforce the Singapore tribunal\u2019s decision against Razon\u2019s U.S. assets. The lawsuit claimed these were concealed through a vast network of shell companies. Those included energy and mineral holdings in the Appalachian Basin acquired from T. Boone Pickens for $150 million, Steve Wynn\u2019s former residence at the Plaza purchased for $24.4 million, and various substantial real-estate assets in New York.<\/p>\n

The agreement to settle came after the New York court declined a motion last year by Bloomberry to dismiss the case.\u00a0 The settlement deal puts an end to all pending cases between the two parties, including those in Nevada, the Philippines, and Singapore, Bloomberry said Tuesday.<\/p>\n","protected":false},"excerpt":{"rendered":"

A longstanding court battle between the Philippines\u2019 Bloomberry Resorts Group and Las Vegas-based Global Gaming Asset Management (GGAM) was settled Tuesday after more than a decade of bad blood. Bloomberry announced in a regulatory filing Tuesday it would buy Global Gaming\u2019s 921.2 million Bloomberry shares for US$300 million via a block sale on the Philippine […]<\/p>\n","protected":false},"author":36,"featured_media":314800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,33810,81883,60],"tags":[13519,85544,90287,90286,13518],"acf":[],"yoast_head":"\nBloomberry Settles Decade-Old Contract Spat with GGAM for $300M<\/title>\n<meta name=\"description\" content=\"Bloomberry Resorts Group will pay 300 million to settle Solaire contractual spat with Global Gaming Asset Management (GGAM).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bloomberry Settles Decade-Old Contract Spat with GGAM for $300M\" \/>\n<meta property=\"og:description\" content=\"Bloomberry Resorts Group will pay 300 million to settle Solaire contractual spat with Global Gaming Asset Management (GGAM).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T20:16:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-21T17:01:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/03\/Razon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"705\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/\",\"url\":\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/\",\"name\":\"Bloomberry Settles Decade-Old Contract Spat with GGAM for $300M\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/03\/Razon.jpg\",\"datePublished\":\"2024-03-20T20:16:48+00:00\",\"dateModified\":\"2024-03-21T17:01:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Bloomberry Resorts Group will pay 300 million to settle Solaire contractual spat with Global Gaming Asset Management (GGAM).\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-settles-decade-old-contract-spat-with-ggam-for-300m\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/03\/Razon.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/03\/Razon.jpg\",\"width\":1000,\"height\":705,\"caption\":\"Enrique Razon, the Philippines\u2019 third richest man and chairman of the Bloomberry Resorts Group, above. 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