Singapore court dismisses Bloomberry appeal against GGAM
The appeal made by Bloomberry against Global Gaming Asset Management in a claim over wrongful termination has been dismissed by the Singapore Court of Appeal.
Singapore.- The Singapore Court of Appeal has dismissed resort and hotels operator Bloomberry‘s appeal against a May 2020 High Court decision in favour of Global Gaming Asset Management (GGAM).
The company had made a petition to set aside enforcement of a $296m award from the Arbitration Tribunal in a case brought for wrongful termination of a management services agreement in 2013.
In February, the Singapore Court of Appeal had rejected an appeal from the two Bloomberry subsidiaries in regards to a “partial award” for elements connected to GGAM.
Bloomberry ended a five-year contract with GGAM after only six months, accusing the company of failing to deliver on its commitments. But in September 2019, the Singapore court decided in favour of GGAM, awarding it payments of $175,000 per month.
Bloomberry returns to positive EBITDA
Bloomberry has reported adjusted property EBITDA of PHP129.3bn for the fourth quarter of 2020, compared with a loss of PHP203.7m in the prior quarter.
The company’s last financial report of 2020 shows full-year net revenue of PHP17.8bn, down 62 per cent year-on-year. For the three months ending December 31, net revenue was PHP4.2bn, down 61 per cent year-on-year. Gross gaming revenue (GGR) for The Solaire Resort & Casino came in at PHP5.3bn, up 22 per cent, from the preceding quarter.
Bloomberry’s other casino, Jeju Sun, reported gaming revenue of PHP93.1m for the first 81 days of last year, a drop of 84 per cent.
Bloomberry’s chairman and CEO, Enrique K. Razon Jr, said: “We saw domestic mass gaming revenues increase by 75 per cent from the previous quarter and EBITDA hitting positive territory. Our recovery is well underway.”
