Las Vegas Sands In $12 Billion Lawsuit
The late Sheldon Adelson, the founder of Las Vegas Sands
The biggest ever trial in the gaming sector is due to begin on 16th June that sees Las Vegas Sands facing a $12 billion law suit from a former partner.
In a legal dispute that dates back to 2007, Las Vegas Sands is battling former partner 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.
There has been multiple court rulings over the years in the US and Macau in relation to the legal dispute but the latest one which Las Vegas Sands has been trying to oppose is set to decide the fate of this long running argument between the parties.
