Bloomberry Resorts Corp. said unit Sureste Properties Inc. has acquired the shares of Global Gaming Asset Management (GGAM) Philippines LLC in the company as part of the settlement between GGAM and the casino operator’s main owner, Enrique Razon.
The 921.18 million shares were crossed at the Philippine Stock Exchange Tuesday at a price of P18.22 per share or P16.78 billion.
The transaction ends the decade-old dispute between GGAM and Razon’s Bloomberry over the management of the latter’s Solaire Resort and Casino Corp., stemming from the service agreement between the two parties in 2013.
Under the agreement, GGAM will be paid $175,000 per month for its technical services covering Solaire’s design, planning, layout and construction and of services around employee recruitment.
Bloomberry, however, terminated the agreement six months after Solaire opened, alleging GGAM failed to deliver on the terms of the agreement, particularly on the promise to bring high-rollers to the business.
GGAM sued for wrongful termination.
The deal covers all pending cases between the two parties, including cases in the Philippines, Nevada and Singapore.
