Continued litigation on US$12B claim against Las Vegas Sands in Macau
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Las Vegas Sands' accountant says the alleged value of a claim filed in 2019 is exaggerated. Marshall Hao's Asian American Entertainment Corp Ltd is seeking US$12 billion in damages. The dispute dates back to 2001 when the Asian Gaming mecca of Macau was in transition from the Ho family controlling a monopoly on all gaming there to a robust regulated multinational competitive environment.
Before Portugal and China signed the China-Portugal Joint Declaration in 1987, Macau was ruled by Stanley Ho Hung Sun for four decades. Macao was ceded to China by 1999. Las Vegas Sands wanted to be part of the market. Marshall Hao and Asian American Entertainment Corp Ltd. wanted local connections to get the ball rolling.
Hao's company put a deal together with LVS, who had experience in the gaming and hospitality industry. Days before tendering the concessions, L VS changed partners and went with Galaxy Casino. Galaxy casino had no provable gaming experience.
Hao is still holding the bag in the US$12B claim against Las Vegas Sands in Macau.
AEECL is suing Sands for copying the LVS tender submission and giving it to Galaxy. Sands settled out of court with Richard Suen in early 2019. L VS settled similar lawsuits in the past. Lvs was suffering from financial problems. It did not have any capital of its own or access to capital to invest in AAECl's joint venture. Hao's suit was filed against Sands in Nevada court in July 2014. He alleged that LVSL's representatives Adelson, Weidner and Friedman had divulged some aspects of the joint ventures to the Galaxy company.
