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In Singapore and Asian casino operator Bloomberry Resorts Corporation has reportedly lost its attempt to overturn the earlier ruling of an arbitration tribunal and may now be forced to pay some $296 million to a subsidiary of American entertainments firm Global Gaming Asset Management LLC.
According to a Monday report from Inside Asian Gaming, Bloomberry is responsible for Manila’s Solaire Resort and Casino and inked a deal in 2011 that saw Global Gaming Philippines LLC tasked with providing the 800-room property with a range of management services covering such areas as recruitment, construction and design.
Worrying relationship:
However, the Manila-listed firm reportedly cancelled this alliance only six months after opening its Solaire Resort and Casino in March of 2013 citing ‘failure of discussions’ and ‘material breach’ claims against Global Gaming Philippines LLC. This purportedly led the consultant’s Las Vegas-headquartered parent to immediately file a lawsuit amid allegations that the casino operator was ‘not justified’ in terminating the arrangement and should be forced to pay a range of damages, costs and pre-termination expenses and fees.
Initial award:
Inside Asian Gaming reported that this battle subsequently came to a head when a Singapore arbitration panel gave Global Gaming Asset Management LLC ownership and control of over 921.18 million Bloomberry Resorts Corporation shares. This led the casino operator to instantaneously file a petition asking that the decision be vacated owing to claims that its previous partner had engaged in ‘fraudulent concealment and misrepresentations’ by signing the original management agreement while two of its executives including Chairman and Chief Executive Officer William Weidner were under investigation by authorities in the United States for alleged breaches of the Foreign Corrupt Practices Act (FCPA).
Pointless petition:
But, the High Court of Singapore reportedly disagreed with this latest protest on Friday by declaring that the FCPA investigations had not constituted ‘strong and cogent evidence of any species of fraud’ against Bloomberry Resorts Corporation or its Bloomberry Resorts and Hotels Incorporated and Sureste Properties Incorporated subsidiaries.
Investor interest:
Bloomberry used a subsequent press release (pdf) to proclaim that it has now been given until February 3 to lodge an appeal concerning ‘the flaws and the misappreciation of the evidence in the decision’. It furthermore declared that the ruling ‘is not self-executing’ and must now be sanctioned by a Philippines court ‘for it to be enforceable and to have the legal effect of a judgment.’
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