Businessman Enrique Razon (ranked by Forbes as the second-richest man in the Philippines) is reportedly being sued for $296.6 million in New York City by an erstwhile partner for alleged breach of contract.
The suit, filed by Las Vegas-based Global Gaming Asset Management (GGAM) in the US District Court of the Southern District of New York, said
Mr. Razon had “illegally terminated” a five-year contract signed in 2011 to manage the Solaire Casino in Entertainment City, and is allegedly hiding assets in the US to avoid paying them.
GGAM is also seeking judicial affirmation of a $296.6-million award by a Singapore arbitration panel in 2019 against Razon et al. regarding the cancellation of its rights to manage the Solaire casino.
Razon’s Bloomberry Resorts Corp., which owns Solaire, said it will be “vigorously” fighting the lawsuit lodged by GGAM, citing a plethora of reasons.
Bloomberry alleged it had terminated the relationship as GGAM failed to deliver on the terms of agreement, particularly the promise to bring in high-rollers.