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Financial difficulties did not cause the investment’s failure; most debts were owed to major shareholder
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Claimant reimbursed part of its costs
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Requested interest rate is reasonable
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Contemporaneous takeover offer is a relevant indicator of value, but should be discounted in view of further considerations
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Book value method is inappropriate given that investment had perspective of improved financial conditions
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Gambling Ban destroyed the claimant’s investment
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Gambling Ban was adopted on public health and morality grounds
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Proportionality relevant to the expropriation analysis
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Weight of Gambling Ban was disproportionate
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FET and FPS claims are moot, given findings on expropriation
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Alleged illegality was de minimis
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Illegality unrelated to the investment per se cannot deprive tribunal of jurisdiction
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Background: Gambling Ban prompts treaty-based claim
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