Bloomberry Resorts Corp. of tycoon Enrique Razon Jr. has settled a decade-long dispute with casino management firm Global Gaming Philippines LLC (GGAM) for $300 million.

In a stock exchange filing on Tuesday, the company announced that its subsidiary, Sureste Properties Inc. (SPI), would purchase 921.18 million shares in Bloomberry at P18.32 per share as part of the agreement.

“This purchase will be made through a special block sale through the Philippine Stock Exchange,” Bloomberry stated. The settlement marks the end of a 10-year dispute between SPI, Bloomberry Resorts and Hotels Inc. (BRHI), and GGAM.

The conflict began in 2013 when GGAM was removed from the management of Solaire Resorts & Casino, leading to a legal battle that resulted in a Singaporean arbitration court ordering Bloomberry to pay $296 million to GGAM in 2019. The court also upheld GGAM’s claim to an 8.7 percent stake in Bloomberry in 2016.

This settlement brings closure to a long-standing legal dispute between the two parties.

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