Global Gaming Asset Management, the managing partner with Bloombury’s Enrique Razon of the Solaire Resort Casino in Manila, has sold its interest in the property. GGAM, controlled by former Las Vegas Sands executives Bill Weidner and Brad Stone, was removed as the managers of the property in September just six months after it opened. General Manager Michael French was fired by Razon who later hired former Marina Bay Sands President Tom Arasi to run the property.
GGAM last week sold its 8.7 percent stake in Solaire for $166 million. The resort cost more than $1.2 billion to build. The sale price reflected a discount of somewhere between 8 percent and 10 percent. GGAM has disputed its dismissal by Razon, and had secured a arbitration hearing in Singapore, but apparently felt pressured to end its participation in the ownership of Solaire.
The dispute hasn’t been positive for Bloombury either. Since the split with GGAM, Bloombury stock has decline more than 25 percent. But the stock’s slide had already begun, falling by the same amount since it reached its high point during the opening in April.
The resort seems to have turned the corner, however. In November, Solaire posted a net profit of $3.7 million, seven times higher than the previous three months. Net revenues also rose 17 percent in November.
