BLOOMBERRY Resorts Corp. on Tuesday said the Singapore (SG) Court of Appeal dismissed the petition of its two units to overrule the final award of the arbitration tribunal in favor of Global Gaming Philippines LLC (GGAM).
GGAM owns GGAM Netherlands BV, the second respondent in the case.
Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties, Inc. (SPI) filed an appeal against the May 29, 2020 decision of the Singapore High Court, which also denied BRHI and SPI’s appeal to dismiss the final award of the arbitration tribunal in favor of GGAM.
The case involves the management services agreement to operate Bloomberry’s Solaire Resort and Casino.
“We find no merit in the appellants’ submissions and dismiss the appeal. Costs follow the event and the respondents are accordingly entitled to an order for their costs of and incidental to the appeal,” the court decision said.
The Singapore Court of Appeal awarded GGAM and its affiliates $60,000, including disbursements, which should be payable by Bloomberry.
“In the event that GGAM will file an action to enforce the arbitral award in the Philippines where the assets and business of BRHI and SPI are located, BRHI and SPI will oppose such enforcement based on applicable Philippine law,” Bloomberry said.
On Tuesday, shares of Bloomberry Resorts at the stock exchange went up by 0.69% or four centavos to close at P5.87 apiece. — Keren Concepcion G. Valmonte