Philippines' biggest casino fires US managers over contract dispute
MANILA (AFP) - Solaire Resort, the Philippines' biggest casino, said on Thursday it had fired its American managers, alleging breach of contract in a dispute that is now under arbitration.
The management contract of Las Vegas-based Global Gaming Asset Management (GGAM) was terminated "because of the material breach of the management services agreement by GGAM", Solaire's parent company said.
"GGAM has not spent any material time in attending to the management of Solaire and has failed to perform its obligations and deliverables under the management services agreement," the listed Bloomberry Resorts Corp disclosed to the Philippine Stock Exchange.
Solaire opened an US$1.2 billion (S$1.5 billion) gaming operation in March, the first of four billion-dollar casinos to rise on government land on Manila Bay as part of the government's bid to become Asia's third major gambling hub alongside Macau and Singapore.