Key Developments: Bloomberry Resorts Corp (BBRRF.PK)
23 Sep 2014
Latest Key Developments (Source: Significant Developments)
Bloomberry Resorts Corp:A Philippine court temporarily halted the sale of a minority stake worth $165 mln in Bloomberry Resorts Corp by its Las Vegas-based partner, the Manila bourse said on Jan. 20 - Reuters.A Makati City regional trial court issued a 20-day restraining order to Global Gaming Philippines LLC (GGAM), which owns 8.7 pct of Bloomberry.In a filing to the bourse on Jan. 20, Bloomberry said it had to seek a court order preventing the share sale because of ongoing arbitration proceedings with GGAM.The dispute stems from a decision by Bloomberry last year to terminate a management deal with GGAM for its $1.2 bln Solaire casino resort in Manila.GGAM sought arbitration over the issue, and Bloomberry together with two other partners filed a counterclaim. Full Article
Bloomberry Resorts Corp. said it expects to increase foot traffic in its Solaire Resorts and Casino project from below 12,000 with the completion of a $500-million expansion by the end of the year, which will double the number of rooms and gaming facilities, Manila Standard Today reported.