In Macau and the Court of First Instance has reportedly thrown out a lawsuit filed by Asian American Entertainment Corporation (AAEC) that had been seeking roughly $12.1 billion in damages from Las Vegas Sands Corporation.
According to a Sunday report from Inside Asian Gaming, the plaintiff lodged this action last year in hopes of being compensated to the tune of 70% of the American casino operator’s Macau profits for the last 18 years. The source detailed that this case was initially filed in the United States in 2007 but later dismissed for procedural and statute of limitations reasons.
Commencing controversy:
This disagreement reportedly dates back to 2001 when Las Vegas Sands Corporation teamed up with AAEC, which is headed by Taiwanese businessman Marshall Hao Shi-Sheng, in an effort to win a Macau casino license. But, the Las Vegas-headquartered operator purportedly later cancelled this arrangement before going on to lodge a successful bid in partnership with Galaxy Entertainment Group Limited.
Antagonistic argument:
Inside Asian Gaming reported that AAEC had argued that the ultimate efficacious proposition Las Vegas Sands Corporation presented some 20 years ago was almost identical to its previous intended submission. If this had been proven, the source explained that the defendant behind Macau’s giant Sands Macao, The Parisian Macao, The Venetian Macao, The Plaza Macao and The Londoner Macao properties could have subsequently been ordered to compensate the plaintiff for lost earnings.
Damning decision:
However, the Court of First Instance reportedly ruled in favor of Las Vegas Sands Corporation on Thursday in advance of scolding AAEC for acting in bad faith. This latter unanimous action purportedly followed a February statement from Macau Judge Seng Ioi Man that there was no concrete evidence that the plaintiff had held a definitive agreement with Las Vegas Sands Corporation.
American attempt:
AAEC reportedly launched its first legal action against Las Vegas Sands Corporation in Nevada but saw this attempt discharged in 2010 over its failure to retain counsel and judiciously prosecute the case. The firm consequently moved its campaign to Macau in January of 2019 by purportedly filing a $375 million claim with the Tribunal Judicial de Base that was dramatically increased some six months latter to the eye-watering $12.1 billion demand.
Revenue rationale:
Inside Asian Gaming reported that AAEC told the Court of First Instance that its dramatically revised petition covered lost profits for the 14 years to 2018 as well as a claim for a share of Las Vegas Sands Corporation’s earnings through to the end of its current Macau casino concession in June.