Richard Suen is suing the Las Vegas Sands Corporation and seeking compensation for his role in helping the Las Vegas Sands obtain a very profitable gambling license in Macau. During their testimony, President Bill Weidner and CEO Sheldon Adelsonwhere stated that Mr Suen had no role in obtaining the license, but each provided more information than was necessary; information that could have lasting consequences to the Sands for years to come.
Sheldon Adelson testified that in 2001, he was “asleep” and absent during the dealings of the company for that year as a result of his dependence on prescribed pain medication. Mr. Weidner’s let it slip that the 2008 forecast looked to be $312 million lower than the initial numbers. Neither “mental slip” during their testimonies is going to endear them to shareholders as none of the information was previously known or necessarily intended to be released to the public. Either of these mistakes could cause problems within the company but combined they may ultimately cause more long term damage than the original law suit.