Final verdict: Las Vegas Sands must pay consultant Richard Sun $70 million
After two days of jury deliberations, the verdict is as follows: Las Vegas Sands (LVS) must pay former Hong Kong consultant and businessman Richard Sun more than $70 million in overdue fees and accrued interest for his role in bringing LVS into the country. played a role in the company's process. The Macau gaming market at the beginning of the decade.
Second set
This is the second time a court has ordered LVS to pay its former consultants; a previous $43.8 million judgment in 2008 was later overturned by the Nevada Supreme Court. It appears that LVS should have just been paid off at that time; now they have to pay almost twice as much to cover the interest that accrued during this period.
The current proceedings began earlier this year and continued for several months, culminating in a final hearing in May. The lawsuit contains plenty of newsworthy drama, including testimony from notorious LVS chairman Sheldon Adelson and his former company president William Weidner; apparently both men There is no love lost between them. Weidner left the LVS brand four years ago and testified at his final hearing that Adelson's combative behavior had "damaged relations with China" even during Sun's original trial in 2008. It may not have been clear from LVS Asia's spreadsheet, but Weidner still said he had "lost confidence" in his former boss's decision-making abilities at the time.
More lawsuits pending
In the litigious world of gaming, where lawsuits are everywhere, LVS is doing its part to ensure that college tuition for the children of gaming attorneys is paid in full. One of several other existing lawsuits against LVS related to its Asia operations is a wrongful termination lawsuit filed by former Sands China CEO Steve Jacobs. This lawsuit in particular did not help Adelson's case in the Suen suit, as all sorts of sordid scandals were publicly displayed during the course of the proceedings, providing additional relief to the plant's various regulators and law enforcement agencies. Set your sights on LVS. Asian store. Ouch.
Adelson’s average performance
The Sands CEO isn't afraid to sue people personally. Earlier this year, he took a Wall Street Journal reporter to court because the reporter said he "gave a terrible speech" (can we assume that might be true?). His estimated net worth is $26.5 billion, which affords him some pretty good lawyers, but apparently not enough to prevent him from paying his fired advisers their fair share. At least not now; a Sands spokesperson has released an official company statement, saying: "There are compelling and sufficient grounds to appeal this verdict, and we will act aggressively."
Maybe the plan is just to keep the attraction alive until they outlive Sue. At some point, the legal costs seem unfavorable compared to the cost of ongoing interest payments, but Adelson might just be that vicious. (If anyone asks, we didn’t say that.)
Read also:
- Chicago sweepstakes operator finds racketeering charges dropped after mistrial
- Steve Wynn told Nevada lawmakers he supports a "broad-based corporate tax."
- Stanley Ho expands Macau casino empire
- Macau casinos rely on boxing to boost punches
Source: www.casino.org
