GGRAsia – Adelson denies ‘exorcism strategy’ over Jacobs

Adelson denies ‘exorcism strategy’ over Jacobs

May 05, 2015 Newsdesk Latest News, Macau, Top of the deck

Casino entrepreneur Sheldon Adelson (pictured) is expected to make another appearance in a Nevada judicial hearing on Tuesday, reports the Associated Press.

A U.S. District judge in Las Vegas is deciding whether she has jurisdiction to hear a wrongful termination claim by Steve Jacobs, a former chief executive of Macau casino operator Sands China Ltd, a unit of U.S.-based Las Vegas Sands Corp, a company founded by Mr Adelson.

Lawyers for Mr Jacobs are seeking to prove that decisions about both his 2009 hiring and his July 2010 firing were made in Las Vegas and not Macau.

Mr Jacobs is seeking as part of his action to recover 2.5 million Sands China stock options he says was denied him after his termination, which Sands China said was for “cause”.

During his third day of testimony on Monday, Mr Adelson – who sat just feet from Mr Jacobs during the proceedings and under questioning described him as “pompous” and “arrogant” – denied having any knowledge of what a lawyer for the ex-Sands China boss described as a secret “exorcism strategy” to rid the Macau unit of the executive.

Mr Adelson, chairman and chief executive of Las Vegas Sands – and since March this year also chief executive of Sands China – said he “never heard the phrase”.

Attorney James Pisanelli, who represents Mr Jacobs, asked Mr Adelson whether he had any role in creating the alleged plan to dismiss Mr Jacobs.

“Only with Mr Leven did I have any discussion about the removal,” Mr Adelson said, according to a report of Monday’s proceedings carried in the Las Vegas Review-Journal newspaper, and referring to Michael Leven, a former president and chief operating officer of Las Vegas Sands. Mr Leven had originally hired Mr Jacobs.

Mr Adelson’s Nevada-based casino business Las Vegas Sands has been 70 percent owner of Sands China since the latter’s stock was listed in Hong Kong in November 2009, according to filings in the U.S. and Hong Kong.