Bloomberry’s board approves amendment to stock incentive plan

Bloomberry Resorts Corp’s board of directors has approved revisions to the company’s stock incentive plan, which now excludes directors.

Singapore.- Casino operator Bloomberry Resorts Corp has reported that amendments to the company’s stock incentive plan for directors, officers, and employees (SIP) have been approved by the board. Eligible participants have been amended to exclude directors provided that directors who are officers or who are given executive functions are not disqualified to receive SIP shares as an executive.

Bloomberry said its stock incentive program is designed to give employees a direct share of company value to incentivise employees and other stakeholders to be more productive and remain in the group. The programme has been extended for 10 years from May 24, 2022.

The company’s stock-incentive plan does not grant stock options, but shares as additional compensation to eligible recipients.

Bloomberry recently shared its financial results for the fourth quarter of 2021. Gross gambling revenue at Solaire Resort was up 50 per cent year-on-year to PHP8bn (US$153m) and up 13 per cent when compared to the previous quarter when revenue was PHP7.1bn.

US Court dismisses Bangladesh Bank civil suit against Bloomberry

Bloomberry Resorts Corporation’s subsidiary in the Philippines has announced that a New York state court has granted its motion to dismiss a civil lawsuit brought against it by Bangladesh Bank. Bloomberry Resorts Corp, the parent company of Bloomberry Resorts and Hotels, said the lawsuit was dismissed for “lack of jurisdiction”.

The company said the costs and expenses of Bloomberry Resorts and Hotels and its Solaire Resort and Casino were taxed by the clerk of the court.

The lawsuit stemmed from a May 2020 civil subpoena received by Bloomberry entities in September of that year in connection with another case in the United States related to an online theft from Bangladesh Bank in 2016. 

The theft reportedly netted US$81m, a portion of which was reportedly diverted through various Philippine casinos, including the Solaire Resort & Casino in Metro Manila. The operator was only one of 17 firms and individuals named in the original lawsuit.