Subsidiaries of Bloomberry Resorts Corp filed on Monday an appeal to the Singapore Court of Appeal against a recent decision by the Singapore High Court dismissing a petition to set aside/resist enforcement of a US$296 million award to former Solaire Resort & Casino management partner Global Gaming Asset Management (GGAM) Philippines LLC.
The appeal, filed by Sureste Properties Inc. (SPI) and Bloomberry Resorts & Hotels Inc. (BRHI), relates to the Singapore High Court’s decision dated 29 May 2020 to set aside and resist their petition against enforcement of the Final Award of the Arbitration Tribunal. The tribunal itself had ruled in September 2019 that Bloomberry should pay GGAM – the local unit of William Weiner’s Las Vegas-based casino investment firm – US$296 million for wrongful termination of an agreement which had seen GGAM paid US$175,000 per month for the provision of technical services related to the design, planning, layout and construction of Solaire in 2011.
The agreement was terminated just six months after Solaire opened in 2013, with Bloomberry alleging GGAM Philippines had failed to deliver on the terms of the agreement and more specifically a promise to bring high-rollers to the property. It also cited concerns over the casino’s design and layout.
The Singapore courts not only found the termination wrongful but also affirmed GGAM’s ownership of and right to sell 921,184,056 shares it held in Bloomberry.
Bloomberry stated in early June that if it did decide to appeal, it would focus on alleged flaws in the Singapore High Court decision.