Philippine casino operator Bloomberry Resorts said on Tuesday it had reached a “universal agreement” to resolve a number of ongoing disputes between casino management company Global Gaming Asset Management LLC (GAM) and the parties each involved.

The agreement with GGAM would require Sureste Properties Inc., a subsidiary of Bloomberry, to purchase Bloomberry shares held by GGAM for a total of $300 million.
In a filing with the Philippine Stock Exchange, Bloomberry said the agreed buy price would be PHP18.22 (US$0.32) per share, covering a total of 921,184,056 shares.
“This agreement will end a decade-long [Bloomberry Group] dispute with GGAM,” the casino operator said.
The sale and purchase of the shares will take place through a special block sale.
“The categorical agreement will cover all pending cases between the parties,” Bloomberry said in a filing on Tuesday, including the case in the United States, where Philippine entrepreneur and Bloomberry chairman Enrique Rajon was also a defendant.
The settlement would also include court cases against both groups in the Philippines and Singapore respectively, with the Singapore-based arbitral tribunal revoking a $296.6 million award in 2019 in favor of GGAM and against the Bloomberry Group. Bloomberry was still challenging the award through the court system.
The dispute involves the termination of a managed services contract for a gaming facility at Solere Resort Casino (pictured) in Manila, the Philippine capital, with one being a Bloomberry subsidiary and the other being a GGAM-linked company. The latter group involves former casino executive William Widener.
Soler opened in March 2013. According to information previously released by Bloomberry, the subsidiaries terminated their contracts with Global Gaming Philippines LLC, a subsidiary of GGAM, in September 2013, claiming “significant violations” and “failure to discuss.” Global Gaming Philippines claimed that the contract was unfairly terminated
Bloomberry is currently developing its second casino resort project in the Philippines. Located in Vertis in Quezon City, the property is expected to open in May this year, the company confirmed earlier this month.
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