Bloomberry Resorts said it has filed an appeal against a Singapore High Court ruling that may force it to pay $296 million to settle a dispute with the Philippine unit of U.S.-based Global Gaming Asset Management.
In a filing with the Philippine Stock Exchange, Bloomberry said its Surest Properties and Bloomberry Resorts & Hotels units have appealed to the Singapore Court of Appeal over a 29th May, 2020 ruling that dismissed an effort by the Philippine operator to have the final award granted by the Arbitration Tribunal Set aside.
The Sept. 2019 ruling awarded GGAM Philippines $85 million in damages for lost management fees, as well as $391,224 in fees and expenses. It also ordered the company to pay PHP10.16 billion ($195.5 million) for Bloomberry shares held by GGAM.
The operator of the Solaire Resort and Casino in Manila was also ordered to pay $14.9 million in costs.
The Philippine operator terminated GGAM’s five-year contract to run Solaire in 2013, just one year into the agreement. Bloomberry said GGAM had breached the terms, however the management company countered saying it had been unfairly dismissed.