Global casino resort company Las Vegas Sands is being sued for $12 billion in a Macau court by a former partner related to how the company got its gaming license.
Asian American Entertainment Corporation (AAEC) is the Plaintiff in the suit and is looking for 70% of Sands' profits arising from Macau between 2004 and 2022. The company claims that Sands breached a contract between the two parties.This lawsuit has been ongoing since 2007 and was initially filed in US court before being dismissed due to procedural reasons.
The lawsuit revolves around a failed partnership between the two companies, as Sands ditched AAEC for Galaxy Entertainment. The new partnership filed a new application that AAEC claims was nearly identical, and they feel this is a breach that's worthy of having a massive fee attached.
AAEC is led by Marshall Hao, who commented: "Asian American has been winning all major legal battles in the Macau lawsuit since we filed it in 2012...we are confident."
We're following this story and will be updating readers as we learn more.
Wow. $12 billion is a lot of cheddar.
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12 billion is an insane amount of money, but as we can see the lawsuit has been ongoing for forever, so I believe it will take another couple of years to see any conclusion.