New court documents from a lawsuit against Bloomberry Resorts Corporation owner Enrique Razon claim Razon leveraged an “undisclosed financial relationship” with an ex-Phillippine Stock Exchange (PSE) president to help deny a casino management business compensation.
The $296.6m (£216.3m/€253.0m) lawsuit was filed in the Southern District of New York in March by casino management business Global Gaming Asset Management (GGAM).
GGAM is a joint venture that manages casino resorts, set up between private equity business Cantor Fitzgerald and a number of former Las Vegas Sands executives – which had managed Bloomberry’s Solaire resort.
The business called for $296.6m in damages from Razon, the second richest person in the Philippines, arguing that he exerted dominant control over Solaire owner Bloomberry, and that therefore GGAM could file damages against him personally.
In previous documents, GGAM had alleged that although Razon engaged GGAM to provide “substantial assistance” in devel..