BLOOMBERRY Resorts Corp. announced on Tuesday that the Singapore (SG) Court of Appeal denied its two subsidiaries’ appeal to overturn the arbitration tribunal’s final judgment in favor of Global Gaming Philippines LLC (GGAM).
GGAM owns GGAM Netherlands BV, the case’s second respondent.
Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties, Inc. (SPI) filed an appeal against the Singapore High Court’s judgment on May 29, 2020, which also rejected BRHI and SPI’s appeal to invalidate the arbitration tribunal’s final award in favor of GGAM.
The lawsuit concerns Bloomberry’s Solaire Resort and Casino’s management services agreement.
“We find the appellants’ arguments to be without substance and reject the appeal.” “Expenses follow the occurrence, and the respondents are therefore entitled to an order for their costs of and incidental to the appeal,” stated the court ruling.
The Singapore Court of Appeal awarded GGAM and its affiliates $60,000 in damages, including expenses, which Bloomberry shall pay.
“If GGAM files an action to enforce the arbitral judgment in the Philippines, where BRHI and SPI’s assets and business are situated, BRHI and SPI will oppose such enforcement based on relevant Philippine law,” Bloomberry stated.