Bloomberry Resorts Corporation said Tuesday it has completed the purchase of US$290.5 million worth of shares from its former partner, Gaming Asset Management (GGAM) Philippines LLC, as part of a recent settlement agreement.
The purchase, by way of a Special Block Sale through the Philippine Stock Exchange, saw Bloomberry – operator of Manila’s Solaire Resort Entertainment City – acquire 921,184,056 of its own shares from GGAM at a purchase price of Php18.22 per share.
The transaction means the settlement agreement is now completed, the company confirmed.
As reported by IAG, the March agreement brings an end to a long-running dispute related to a Management Services Agreement signed between the companies prior to Solaire’s 2013 opening under which GGAM – the local unit of veteran casino executive William Weidner’s Las Vegas-based casino investment firm – was paid US$175,000 per month for the provision of technical services related to Solaire’s design, planning, layout and construction and of services around employee recruitment.
Bloomberry terminated the relationship six months after opening alleging GGAM Philippines had failed to deliver on the terms of the agreement and more specifically a promise to bring high-rollers to the property. It also cited concerns over the casino’s design and layout. GGAM sued for wrongful termination.
Bloomberry previously stated that the settlement covers all pending cases between the two parties, including cases in the Philippines, Nevada and Singapore.