Bloomberry and GGAM finalizes settlement

Bloomberry Resorts Corp, a Philippine casino operator, has completed its settlement agreement with casino management company Global Gaming Asset Management LLC.

The settlement required Sureste Properties Inc, a unit of Bloomberry, to purchase all the Bloomberry shares held by GGAM for a total of US$300 million. Bloomberry confirmed in a filing on Tuesday, April 30, that the agreed purchase price was PHP18.22 (US$0.32) per share, involving a total of 921,184,056 shares. The shares were bought through a special block sale.

This settlement ended the decade-long dispute between the Bloomberry group and GGAM, which Bloomberry first announced in March. The settlement resolved all pending cases between the parties, including a case in the U.S. involving Philippine entrepreneur and Bloomberry chairman Enrique Razon, as well as court cases in the Philippines and Singapore.

The overall dispute stemmed from the termination of a management services agreement for the gaming facilities at the Solaire Resort and Casino in Manila, which existed between several Bloomberry subsidiaries and entities linked to GGAM, including former casino executive William Weidner.

Currently, Bloomberry is developing its second casino resort project in the Philippines. The new property, located in Vertis, Quezon City, is scheduled to open later this month.

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