{"id":6983,"date":"2020-06-02T23:48:51","date_gmt":"2020-06-02T23:48:51","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=6983"},"modified":"2026-04-24T04:45:32","modified_gmt":"2026-04-24T07:45:32","slug":"bloomberry-ggam-singapore","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/bloomberry-ggam-singapore","title":{"rendered":"Singapore court dismisses Bloomberry petition"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Last year the court decided in favour of Global Gaming Asset Management in a claim over wrongful termination.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Philippines.- Resort and hotels operator Bloomberry chalked up another legal loss this week with a negative result in a Singapore court.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The court rejected Bloomberry Resorts Corporation&#8217;s petition to set aside enforcement of a $296 million award from the Arbitration Tribunal in a case brought by Global Gaming Asset Management (GGAM) for wrongful termination of a management services agreement in 2013.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bloomberry had ended a five-year contract after only six months, accusing GGAM of failing to deliver on its commitments. But on September 2019, the Singapore court decided in favour of GGAM, awarding it payments of $175,000 per month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bloomberry has until the end of June to file an appeal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier this week the operator confirmed it was again being <strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/bloomberry-casino-bangladesh-bank\">sued by Blangladesh Bank<\/a><\/em><\/strong> over a USD$81 million cyber heist in 2016.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The case was brought by the Bangladesh Bank to seek compensation for the $81 million that it lost when hackers, allegedly linked to North Korea, sent multiple orders out of the bank\u2019s account with the Federal Reserve Bank of New York to fictitious accounts in the Rizal Commercial Banking Corp (RCBC) and allegedly funneled funds through Philippine casinos including Bloomberry\u2019s Solaire.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last year the court decided in favour of Global Gaming Asset Management in a claim over wrongful termination.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Bloomberry Resorts Corporation has suffered a significant legal setback in Singapore, with a court upholding a $296 million arbitration award to Global Gaming Asset Management for wrongful termination of a management services agreement. Concurrently, the operator faces another lawsuit from Bangladesh Bank seeking $81 million related to a 2016 cyber heist, with funds allegedly laundered through Philippine casinos, including Bloomberry's Solaire.","focusai_entities":"Global Gaming Asset Management, Bloomberry Resorts Corporation, Bangladesh Bank, Federal Reserve Bank of New York, Rizal Commercial Banking Corp, Solaire","focusai_location":"Philippines, Singapore, New York","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.98), operator_casino (0.85), payments_fraud_aml (0.97), investor_analyst (0.96), supplier_vendor (0.75), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Bloomberry Capital Impact?","query":"What is the projected impact of these combined legal liabilities on Bloomberry's capital structure, debt covenants, and future development pipeline?"},{"label":"B2B Contract Precedent?","query":"How might this Singapore court ruling influence the structuring and termination clauses of B2B management services agreements within the broader iGaming and hospitality sectors?"}],"footnotes":""},"categories":[28,161,16333],"tags":[413,169],"class_list":["post-6983","post","type-post","status-publish","format-standard","hentry","category-casino-news","category-daily-news","category-south-east-asia-news","tag-bloomberry","tag-singapore"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6983","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=6983"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6983\/revisions"}],"predecessor-version":[{"id":777009759,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6983\/revisions\/777009759"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=6983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=6983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=6983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}