Bloomberry Resorts Corp ended its decade-long legal dispute with Global Gaming Asset Management LLC (GGAM) after fully executing the terms of their settlement agreement.
On April 30, Bloomberry confirmed in a disclosure that its unit, Sureste Properties Inc, purchased all GGAM-held shares in Bloomberry for a total of US$300 million. The parties completed the transaction through a special block sale, acquiring 921,184,056 shares at PHP18.22 (US$0.32) per share.
This move officially concludes all pending cases between the parties. These included a long-standing legal battle in the United States, as well as court proceedings in the Philippines and Singapore. The resolution also closed matters involving Bloomberry chairman and entrepreneur Enrique Razon.
The dispute originated from Bloomberry’s termination of a management services agreement related to the gaming operations of Solaire Resort and Casino in Manila. Several Bloomberry subsidiaries had signed the original agreement with entities affiliated with GGAM, including former casino executive William Weidner.
Now that the settlement is finalized, Bloomberry can redirect its focus to expansion. The company is currently developing its second casino resort, Solaire Resort North, located in Vertis, Quezon City. The new property is on track to open later this month, reinforcing Bloomberry’s position in the growing Philippine gaming sector.
This resolution not only clears Bloomberry’s legal slate but also signals a pivotal moment for the company as it aims to expand its footprint beyond Entertainment City. With litigation behind it, Bloomberry can now move forward confidently—just in time for the launch of its latest integrated resort.
