Chinese businessman Richard Suen and United States-based casino operator Las Vegas Sands Corp (LVS) have officially completed a settlement – for an undisclosed amount of money – regarding help Mr Suen gave the firm in getting its Macau casino rights.
The parties had announced last week they had reached an agreement to settle the matter.
It brought to an end a 15-year legal battle by Mr Suen and his firm Round Square Co Ltd against the casino group, which runs several large-scale Macau casino resorts through its unit Sands China Ltd. The group’s current Macau gaming rights are due to expire in 2022.
“On March 20, 2019, the parties entered into a confidential settlement through which Round Square Co Ltd dismissed all claims brought in the District Court of Clark County, Nevada against Las Vegas Sands LLC and released all claims as of the settlement date,” Las Vegas Sands said in a filing on Wednesday.
The filing provided no further detail about the settlement.
A Nevada jury ruled in favour of Mr Suen’s side in 2008, awarding him US$40 million – and when that was set aside on appeal a fresh jury awarded him US$70 million in 2013, only for the amount of the award to be ruled out in 2016 by the state’s Supreme court, which ordered a new hearing of the case.
Aug 19, 2019Xinhua, a Chinese state news agency, reported on Sunday – quoting a directive from Cambodia’s prime minister, Hun Sen – that the Southeast Asian country would no longer issue licences to online...
"The Hong Kong protests may hurt Macau gross gaming revenue by about mid-single-digit (i.e., half of maximum visitation exposure), which should fade away gradually as people will find alternative ways to visit Macau”
DS Kim, Jeremy An and Christine Wang
Analysts at brokerage JP Morgan Securities (Asia Pacific) Ltd