Las Vegas Sands is defending itself in a Macau court over a case that sees a former consultant over the obtaining of a gaming license and the resultant claimed damages that resulted.
Taiwanese businessman Marshall Hao sued Las Vegas Sands for MOP96.45 billion ($12.06 billion USD) after claiming he helped Sands obtain their gaming license in the former Portuguese colony and the world's largest gambling market.
The operator claims that Hao's role in obtaining the license is exaggerated and that the damages claimed are simply not justified in accounting terms. Hao's claim is based only on the operating profit and doesn't take into account capital expenditures in the market
Sands has also claimed that the casino business has taken "huge losses" in both 2020 and 2021 due to restrictions related to the coronavirus pandemic. Combining this with losses posted in 2002, 2003, 2004, 2008, and 2009 and the company stated that profits from the Macau properties claimed by Hao are overrated.
This has been a long-going case, which began being heard in court in Macau starting in June. We're following this story and will update readers as we learn more.