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Philippines – Solaire fires GGAM management team

By - 18 September 2013

Solaire Resort, the Philippines’ largest casino, has terminated its management contract with Las Vegas-based Global Gaming Asset Management (GGAM) due to the “material breach of the management services agreement by GGAM.” According to a statement from Solaire parent company, Bloomberry Resorts: “GGAM has not spent any material time in attending to the management of Solaire and has failed to perform its obligations and deliverables under the management services agreement.”

Responding to the Bloomsberry accusation, a spokesperson for GGAM stated: “Bloomberry Resorts Corporation’s assertions regarding GGAM’s performance of its obligations under the Management Services Agreement have no factual or legal validity. Bloomberry has materially breached that agreement and GGAM is pursuing its rights under that contract in arbitration in Singapore.”

Solaire opened its $1.2bn resort March this year, the first of four, billion-dollar casinos planned in Manila Bay. Bloomberry and Solaire are controlled by billionaire Philippine ports baron Enrique Razon, one of the country’s wealthiest men. Bloomberry said it would hire an experienced casino hotel executive to replace Michael French, GGAM’s representative who was Solaire’s chief operating officer. Bloomberry also said GGAM had put the case under arbitration as provided for by the management contract.

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