Business

Bloomberry goes to Singapore Court of Appeal to resolve long-running dispute with Global Gaming

Bilyonaryo Enrique K. Razon Jr.’s Bloomberry Resorts & Hotels Inc. has appealed a Singapore court ruling ordering it to pay $296.1 million to the Philippine unit of Las Vegas-based Global Gaming Asset Management.

In a disclosure to the Philippine Stock Exchange, Bloomberry said it elevated its case to the Singapore Court of Appeal to reverse the Singapore High Court’s decision.

The case stemmed from the termination of a five-year management services contract forged between Bloomberry and GGAM Philippines.

Bloomberry terminated the contract one year into the agreement, citing GGAM’s failure to deliver on its commitment, particularly its promise to bring high rollers to Solaire Resort and Casino.

The international tribunal in Singapore awarded GGAM Philippines $85 million in damages for lost management fees, as well as $391,224 in fees and expenses. It also ordered Bloomberry to pay P10.16 billion ($195.5 million) for Bloomberry shares held by GGAM.

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