$12 Billion Gambling Lawsuit Begins Today
In what is reported to be the biggest ever court case in gambling history started today in a Macau court.
The two protagonists are American Entertainment Corp who is claiming compensation of more than $12 billion from Las Vegas Sands in a dispute that dates back to 2002 but even this is disputed by the American based operator.
According to the long running argument American Entertainment Corp claim they helped Las Vegas Sands gain a license in Macau even thou their partnership was dissolved prior to Las Vegas Sands winning the license with another partner, that being Galaxy Entertainment.
Asian American Entertainment Corporation which is run by businessman Marshall Hao in a claim that the company is claiming 70% of profits from 2004 till 2022 which is valued at $12 billion according to reports.
The argument is that in 2001 both Las Vegas Sands and Asian American Entertainment partnered up to apply for a gambling license in Macau when the tiny enclave allowed concessions for licenses.
However during the process Las Vegas Sands which was founded by Sheldon Adelson decided to dump Asian American Entertainment and go with Galaxy Entertainment for the license to which they were successful.
But Marshall Hao claims in court filings that his company and Las Vegas Sands had the exact same application to that of Galaxy Entertainment and there was no reason for the switch that cost his company the chance to operate alongside Las Vegas Sands and so lost out on the fortune claimed.
Today in the Macau Court the case started with arguments on both sides as to the actual date both parties dissolved their business relationship.
The case is expected to last several weeks but is thought to be the conclusion of many years of legal disputes by both companies both in Nevada and in Asian courts.
