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Las Vegas Sands Faces $12 Bln Lawsuit In Macau Court

Las Vegas Sands Faces $12 Bln Lawsuit In Macau Court
BEIJING (dpa-AFX) - U.S. casino major Las Vegas Sands is facing around $12 billion lawsuit from former partner Asian American Entertainment Corp. in a Macau court for alleged breach of contract, Reuters reported. The trial will start on June 16.
Taiwanese businessman Marshall Hao s Asian American is seeking damages of around 70% of Sands Macau profits from 2004 to 2022. It alleges that Sands breached its contract for a casino license in Macau, which is the only legal gambling destination in China.
As per the lawsuit, Sands and Asian American jointly submitted a bid for a gaming concession in 2001. However, Sands switched partners during the process and teamed up with Hong Kong group Galaxy Entertainment, and won the license in Macau. ....

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GGRAsia – Sheldon Adelson, self-declared casino industry iconoclast

A favourite saying of casino entrepreneur Sheldon Adelson, whose death was announced on Tuesday, was: “You have to challenge the status quo, you have to change the status quo, and if you change it in any business, success will follow you like a shadow.”
Arguably in this regard, Mr Adelson, founding chairman of Las Vegas Sands Corp and its Macau business unit, Sands China Ltd, lived up to his words.
His death was caused by complications related to his treatment for non-Hodgkin’s lymphoma, Las Vegas Sands said in a statement.
Mr Adelson entered casino-building relatively late in his business career, after selling his Comdex events business in Las Vegas, Nevada in the United States, at the top of the market. ....

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