Bloomberry subsidiaries complete deal with GGAM

MANILA, Philippines — Subsidiaries of Enrique Razon’s Bloomberry Resorts Corp. have completed their settlement agreement with casino management firm Global Gaming Philippines LLC (GGAM) following the execution of a block sale amounting to P16.8 billion.

In a stock exchange filing, Bloomberry said subsidiary Sureste Properties Inc. (SPI) purchased 921.18 million shares in the company held by GGAM at P18.22 per share through a special block sale through the Philippine Stock Exchange.

The purchase is part of an agreement earlier reached by SPI and Bloomberry Resorts and Hotels Inc. (BRHI) for a universal settlement of their dispute with GGAM.

“The settlement agreement is therefore completed,” Bloomberry said.

The settlement puts an end to the dispute of SPI and BRHI with GGAM which has dragged on for 10 years.

The universal settlement covers all the pending cases between the parties.

It includes the arbitral award issued against SPI and BRHI in favor of GGAM and GGAM Netherlands relating to the termination of GGAM’s management services agreement, as well as the judgment of various Singapore courts relating to the confirmation of the arbitral award in favor of GGAM and GGAM Netherlands.

Bloomberry is the owner and operator of Solaire Resort Entertainment City.

The company is eyeing to formally open its second integrated resort, Solaire Resort North, by May 25.

Solaire Resort North is a $1 billion investment spanning 1.3 hectares in Quezon City.