On Tuesday 14th May 2013, a jury ordered US casino giant, Las Vegas Sands Corp, to hand over a whopping $70m, to a Hong Kong businessman.
LVSC has been embroiled in a nine-year battle with Richard Suen, who claimed he was owed as much as $328m for helping the Las Vegas-based business, to secure an advantageous gambling licence in Macau – the only area of China where it is legal to gamble in casinos.
However, Las Vegas Sands Corp (which is run by billionaire, Sheldon Adelson) claim they don’t owe Suen a cent, as he didn’t follow through with his promise to help LVSC’s company executives and deliver the highly-sought after licence.
It’s not the first time that Mr. Adelson’s company have squared, up against Mr. Suen in court. Back in 2008, the Hong Kong businessman won his case but after an appeal, the verdict was overturned. This time around, however, the jury’s decision was unanimous, even though a spokesman for Sands believes there are “sufficient” and “compelling” grounds on which to place yet another appeal and says they “will do so aggressively.”
Sands operate the Palazzo and Venetian Casino on Las Vegas’ famous strip, as well as four resorts in the Cotai Strip area of Macau, of which the latter delivers around 60% of the company’s profits.