GGAM exits Bloomberry via $166m block trade

The sale, which was priced at a 10.4% discount, comes four months after the Philippine casino operator fired its GGAM-appointed COO. Separately, a group of founders raises $75 million from the sale of shares in chain restaurant operator Tsui Wah.

By Anette Jönsson

January 16, 2014

Las Vegas-based Global Gaming Asset Management GGAM has sold its entire 8.7% stake in Bloomberry Resorts Corp, the operator of the Solaire Resort Casino in Manila, through a block trade, raising Ps7.42 billion $166 million.

The sale, which was completed after Philippine market closed on Wednesday, comes after Bloomberry terminated the casino management agreement that it had with GGAM in September last year just six months after the $1.2 billion Solaire Resort Casino opened. It also fired its GGAM-appointed chief operating officer, Michael French.

In an announcement at the time, Bloomberry said that Las Vegas-based GGAM had failed to perform its obligations under the agreement...

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