Solaire's owner terminates operator's contract
The casino operator backed by billionaire Enrique 'Ricky' Razon Jr had recently announced the termination of a management services agreement with a group of former Las Vegas Sands Corp executives. A legal dispute is expected to ensue, as well as a vacancy in one of the top positions would be created.
In a letter sent to the Philippine Stock Exchange, Bloomberry Resorts Corp reported to the securities exchange of the termination of the agreement with Global Gaming Asset Management LLC. Bloomberry owns Solaire Casino-Resort of Manila on the grounds that the management firm had breached its contract for not spending 'any material time in attending to the management of Solaire'. The letter further said that GGAM LLC had failed to meet its oblgations under the contract.
GGAM, for its part, through a statement from its CEO Bill Weidner, the former president of the Las Vegas Sands Corp, said the allegations had 'no factual or legal validity' and GGAM is taking the matter to an arbitration court in Singapore.