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.<\/p>\n\n\n\n\n\n\n\n
Singapore.-\u00a0The Singapore Court of Appeal has dismissed resort and hotels operator Bloomberry<\/strong>‘s appeal against a May 2020 High Court decision in favour of Global Gaming Asset Management (GGAM). <\/p>\n\n\n\n The company had\u00a0made a petition to set aside enforcement of a $296m award<\/strong>\u00a0from the Arbitration Tribunal in a case brought for wrongful termination of a management services agreement in 2013.<\/p>\n\n\n\n In February,\u00a0the Singapore Court of Appeal had rejected an appeal<\/a>\u00a0from the two Bloomberry subsidiaries in regards to a “partial award” for elements connected to GGAM.\u00a0<\/p>\n\n\n\n Bloomberry<\/a>\u00a0ended 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.<\/p>\n\n\n\n Bloomberry<\/a> has reported adjusted property EBITDA of PHP129.3bn<\/strong> for the fourth quarter of 2020, compared with a loss of PHP203.7m in the prior quarter.<\/a><\/p>\n\n\n\n The company\u2019s last financial report of 2020 shows\u00a0full-year net revenue of PHP17.8bn<\/strong>, down 62 per cent year-on-year. For the three months ending December 31,\u00a0net revenue was PHP4.2bn, down 61 per cent year-on-year<\/strong>. Gross gaming revenue (GGR) for The Solaire Resort & Casino came in at PHP5.3bn, up 22 per cent, from the preceding quarter.<\/p>\n\n\n\n Bloomberry\u2019s other casino, Jeju Sun,<\/strong> reported gaming revenue of PHP93.1m for the first 81 days of last year, a drop of 84 per cent.<\/p>\n\n\n\n Bloomberry\u2019s chairman and CEO, Enrique K. Razon Jr, said: \u201cWe saw domestic mass gaming revenues increase by 75 per cent from the previous quarter and EBITDA hitting positive territory. Our recovery is well underway.”<\/p>\n","protected":false},"excerpt":{"rendered":" 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.<\/p>\n","protected":false},"author":176,"featured_media":20824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Singapore Court of Appeal has dismissed Bloomberry's appeal against a $296m arbitration award in favor of Global Gaming Asset Management, stemming from a 2013 management services agreement termination. Concurrently, Bloomberry reported a return to positive adjusted property EBITDA of PHP129.3bn for Q4 2020, despite a 62% year-on-year decline in full-year net revenue.","focusai_entities":"Bloomberry, Global Gaming Asset Management, Enrique K. Razon Jr.","focusai_location":"Singapore, Jeju","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.95), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Bloomberry's Financial Impact","query":"What is the projected impact of the $296m arbitration award on Bloomberry's liquidity, debt covenants, and capital expenditure plans for the next fiscal year?"},{"label":"Operational Recovery Outlook","query":"Given the Q4 2020 GGR recovery and positive EBITDA, what specific operational strategies is Bloomberry implementing to sustain growth in domestic mass gaming and mitigate risks from its Jeju Sun property?"}],"footnotes":""},"categories":[28,16333],"tags":[15417,23911],"class_list":["post-23322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-south-east-asia-news","tag-bloomberry-resorts","tag-gambling-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=23322"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23322\/revisions"}],"predecessor-version":[{"id":23344,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23322\/revisions\/23344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20824"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=23322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=23322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=23322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bloomberry returns to positive EBITDA<\/h2>\n\n\n\n