The Singapore Court of Appeal has stood by earlier decisions regarding Bloomberry’s appeal against a reward granted to GGAM.
Singapore.- Casino operator Bloomberry Resorts Corp says the Singapore Court of Appeal has rejected an appeal made by two of its subsidiaries.
The appeal was filed in June after a court decision to reject Bloomberry’s petition against the enforcement of a $296m award decided by the Arbitration Tribunal.
The tribunal ordered two Bloomberry units to pay US$296m to Global Gaming Philippines following a case brought for wrongful termination of a management services agreement in 2013.
According to Bloomberry, the case is now subject to a separate appeal that remains pending with the court of appeal.
Bloomberry has reported a Php2.5bn (US$51.6m) net loss for the third quarter, down from a net profit of Php3.9bn (US$80.5m) in the same quarter in 2019.