U.S. casino giant Las Vegas Sands (LVS.N) is facing a $12 billion lawsuit from a former partner in a Macau court, in a case set to shine a light over how coveted casino licenses were awarded in the world’s biggest gambling hub two decades ago.
Former partner Asian American Entertainment Corporation, headed by Taiwanese businessman Marshall Hao, is seeking damages of around 70% of Sands’ Macau profits from 2004 to 2022. Reuters calculations puts the figure at around $12 billion.
The trial, starting June 16, alleges that Sands breached its contract with Asian American for a casino license in Macau, the only legal gambling destination in China.
It comes as the casino titan faces plummeting gambling revenues due to coronavirus travel and health restrictions, and a few months ahead of the expiration of Sands’ casino license in Macau.
The operator needs to re-bid for a license via a public tender in 2022.
Sands, which also runs a casino in Singapore, has been battling the...read more...