Gambling firm sued in Macau
Source: Agencies |
March 16, 2012, Friday
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Print Edition
Print Edition
LAS Vegas Sands Corp, the US gambling company controlled by billionaire Sheldon Adelson, is being sued for US$375 million in a Macau court over the way it won a lucrative gaming license in the Asian casino hub.
Asian American Entertainment Corp claims Las Vegas Sands breached its contract by teaming up with another company to bid for the license.
Asian American is controlled by American businessman Shi Sheng Hao. It is suing Las Vegas Sands for 3 billion patacas (US$375 million). The Macau lawsuit follows an earlier one filed in Nevada, which was dismissed.
Jorge Menezes, a lawyer for Asian American, said Hao "feels that he was let down by Adelson." He declined to comment on the details of the case.
Macau raked in US$33.5 billion in revenue last year from 34 casinos. It became the world's most lucrative gambling market after a four-decade casino monopoly was ended in 2002, opening the way for foreign operators to enter the market.
Sands China Ltd, which operates the company's three Macau casinos, called Asian American's legal case "meritless."
In late 2001, as Macau prepared to open bids for three casino licenses, Hao thought a Venice-themed resort modeled on the one in Las Vegas would be successful in Macau, according to a translation of the lawsuit.
Hao teamed up with Las Vegas Sands, which owned the original Venetian resort, and signed a letter of intent with the company in October 2001.
The suit claims Las Vegas Sands later partnered with another company, Hong Kong-based Galaxy Entertainment, and submitted a proposal for an almost identical casino resort without telling its first partner.
It's not the first time Las Vegas Sands has been sued over the way it acquired its Macau license. In 2008, Hong Kong businessman Richard Suen, who claimed he helped win the license, won US$43.8 million in a civil lawsuit in Nevada. But the Nevada Supreme Court ordered a retrial.
Asian American Entertainment Corp claims Las Vegas Sands breached its contract by teaming up with another company to bid for the license.
Asian American is controlled by American businessman Shi Sheng Hao. It is suing Las Vegas Sands for 3 billion patacas (US$375 million). The Macau lawsuit follows an earlier one filed in Nevada, which was dismissed.
Jorge Menezes, a lawyer for Asian American, said Hao "feels that he was let down by Adelson." He declined to comment on the details of the case.
Macau raked in US$33.5 billion in revenue last year from 34 casinos. It became the world's most lucrative gambling market after a four-decade casino monopoly was ended in 2002, opening the way for foreign operators to enter the market.
Sands China Ltd, which operates the company's three Macau casinos, called Asian American's legal case "meritless."
In late 2001, as Macau prepared to open bids for three casino licenses, Hao thought a Venice-themed resort modeled on the one in Las Vegas would be successful in Macau, according to a translation of the lawsuit.
Hao teamed up with Las Vegas Sands, which owned the original Venetian resort, and signed a letter of intent with the company in October 2001.
The suit claims Las Vegas Sands later partnered with another company, Hong Kong-based Galaxy Entertainment, and submitted a proposal for an almost identical casino resort without telling its first partner.
It's not the first time Las Vegas Sands has been sued over the way it acquired its Macau license. In 2008, Hong Kong businessman Richard Suen, who claimed he helped win the license, won US$43.8 million in a civil lawsuit in Nevada. But the Nevada Supreme Court ordered a retrial.
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