Global Gaming Asset Management Allowed to Sell Bloomberry Shares

bloomberry-prepared-to-run-solaire-manila-by-itselfWorld-famous operator of integrated resorts Global Gaming Asset Management (GGAM) announced that it was allowed to sell its shares in the Philippine-listed Bloomberry Resorts Corp.

Earlier today, Bloomberry stated in a special filing to the Philippine Stock Exchange that the regional trial court had allowed GGAM to “freely deal with” the shares it holds. In other words, the American company can sell them anytime it feels the necessity to do that.

Not long ago, Bloomberry got a court order so as to be able to protect its shares. It was announced that they can be subjected to counterclaims by some of the company’s subsidiaries.

Back in September, 2013, Bloomberry brought to an end GGAM’s managerial functions for the Solaire Resort and Casino, located in Manila, the capital city of the Philippines. GGAM had taken care of the property’s management since March, 2013, when it opened doors. The popular operator had also bought 8.7% of Bloomberry some time before the venue’s launch.

In September, GGAM announced that the termination of the contract would be taken to arbitrators in Singapore. Back then, Bloomberry accused the company of violating the contract in question and not spending “material time” in Solaire’s management.

The arbitration tribunal announced its decision earlier this week. It rejected GGAM’s request to “be declared full legal and beneficial owner of the shares free of any claims, liens or encumbrances” by Bloomberry’s daughter companies Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc., as well as Prime Metroline Holdings Inc.

BRHI manages Solaire’s casino business. As for SPI, it is dealing with the resort’s hotel operations.

GGAM was also denied the right to intervene in BRHI, SPI, and PMHI’s actions, even if they prevent the sale of shares in any possible way.

However, the arbitration tribunal pointed out that it would not engage in determining the shares’ rightful owner. The main reason for this was the fact that PMHI, which was considered to be the first owner of the shares, was not a party in the whole process of arbitration.

Solaire Resort & Casino was the first of all four casino venues to be built on Manila Bay. The construction of the gaming facilities is part of local government’s plan to turn the country into the third most popular gambling hub in Asia. Currently, fans of casino games find Macau and Singapore the two most attractive gaming destinations.

As it was announced, Solaire generated a profit of PHP3.3 billion (US$74 million) for the first three quarters of 2014, ended September 30. What is more, the venue’s gross revenue totaled PHP22.4 billion, marking a 127% growth, as compared to last year’s numbers.

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