The Singapore court ruled that Bloomberry Company should pay GGAM (Las Vegas-based company Global Gaming Philippines LLC) the amount of $296 million dollars in an arbitral award in the case filed by GGAM stemming from the latter’s removal from the management of Solaire Resort & Casino.
The latter company claimed that its removal from the Manila-based hotel and casino resort was unjust.
Under an agreement between Bloomberry and GGAM, the latter was supposed to provide planning, technical, and other advisory services to Solaire during construction phase and management services once the resort became commercially operational in 2013.
However, Bloomberry and Sureste Properties Inc., a Bloomberry subsidiary responsible for the operation of Solaire’s hotel and other non-gambling facilities, terminated their management contract with GGAM just a few months after the opening of the integrated resort in the Philippine capital.
GGAM brought the matter to court, saying that its removal from Solaire’s management was unjust and that it was entitled to an 8.7% stake in Bloomberry.
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