Bloomberry completes settlement with Global Gaming Asset Management

05/02/24

Bloomberry Resorts has purchased all shares held by Global Gaming Asset Management.

The Philippines.- Bloomberry Resorts has concluded its settlement agreement with Global Gaming Asset Management (GGAM). As of April 30, Sureste Properties, a subsidiary of Bloomberry, had purchased all shares held by GGAM for PHP16.78bn (US$290.7m).

According to Bloomberry’s filing with the Philippine Stock Exchange, the agreed purchase price was PHP18.22 (US$0.32) per share for 921,184,056 shares. The transaction was executed through a special block sale through the Philippine Stock Exchange under the settlement agreement.

The settlement brings an end to a decade-long dispute between Bloomberry and GGAM that stemmed from the termination of a management services agreement for gaming facilities at the Solaire Resort and Casino in Manila, Philippines. This agreement had been in place between several Bloomberry subsidiaries and entities associated with GGAM, which has ties to former casino executive William Weidner.

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