• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Lao Holdings files lawsuits over Savan Vegas casino hotel

May 10, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Lao Holdings files lawsuits over Savan Vegas casino hotel

Lao Holdings NV, the parent company of Sanum Investments Ltd, says it has filed three legal actions alleging violations of a 2014 agreement with the government of Laos. The firm said the agreement stipulated that the sale of the Savan Vegas Hotel and Entertainment Complex – a casino hotel in Savannakhet, Laos – and other assets, should be “for maximum value to the benefit of all parties”.

Savan Vegas was previously controlled by Lao Holdings and Sanum Investments before the Laos government in 2012 seized the resort operation – claiming that Sanum owed US$23 million in back taxes and penalties – and appointed an interim management.

Lao Holdings said, in a press statement carrying Friday’s date, that the Laos government had launched a “groundless pursuit of criminal allegations against Lao Holdings, Sanum and affiliated individuals,” and that its actions would lead to a “low-ball sale” of Savan Vegas.

On March 25 San Marco Capital Partners LLC, a U.S.-based private investment firm asked by the Laos government to handle the sale of the Savan Vegas complex, announced a shortlist of interested parties.

Lao Holdings said, in its Friday press release, that two lawsuits relating to the disposal process have been filed with the International Centre for the Settlement of Investment Disputes – an agency affiliated with the World Bank – and one lawsuit with the United States District Court in Delaware.

“These actions have been taken in direct response to the expropriation and planned sale of Sanum’s gaming and hotel complex,” said the press release.

“All of the actions taken by the Lao government over the past two years have been a blatant attempt not only to avoid, but systematically obliterate its legal obligation to work with us in good faith,” said Jody Jordahl, president of Sanum Investments, as quoted in the statement.

“If the government had followed the terms of our agreement, we would not be taking these actions,” Mr Jordahl was further quoted as saying.

The U.S. court action, which Lao Holdings said had been filed on May 2, is against San Marco Capital Partners and its president Kelly Gass. According to Friday’s statement, the lawsuit alleges mismanagement by San Marco Capital Partners and Ms Gass regarding the operation and planned sale of Savan Vegas.

GGRAsia approached San Marco Capital Partners seeking comment on the matter, but had not received a reply by the time this story went online.


  • tweet
Related articles
  • Sci Games says ‘Singing Cats’ nodded in 9 APAC markets
    Sci Games says ‘Singing Cats’...

    Jan 27, 2021  

  • Tak Chun CEO ups to 33pct of Macau Legend, joins board
    Tak Chun CEO ups to 33pct of Macau...

    Nov 25, 2020  

More news
  • Macau has 77 junket rooms, 1,566 VIP tables says govt
    Macau has 77 junket rooms, 1,566 VIP...

    Jan 28, 2021  

  • Dec hotel occupancy highest since Jan 2020: Macau govt
    Dec hotel occupancy highest since Jan...

    Jan 28, 2021  


Latest News

Macau has 77 junket rooms, 1,566 VIP tables says govt

Macau has 77 junket rooms, 1,566 VIP tables says govt

Jan 28, 2021  

Macau’s current VIP gambling sector – involving 85 licensed gaming promoters – has “77 gaming rooms” and “1,566 gaming tables”, said the Macau government official with oversight of the...
Read More
Dec hotel occupancy highest since Jan 2020: Macau govt

Dec hotel occupancy highest since Jan 2020: Macau govt

Jan 28, 2021  

Studio City may seek fresh liquidity says research firm

Studio City may seek fresh liquidity says research firm

Jan 28, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"I believe that when Macau makes a decision, there is going to be a requirement to invest more"

Robert Goldstein

Chairman and chief executive of Las Vegas Sands



Most Popular

  • China said to be expanding blacklist for overseas gamblingChina said to be expanding blacklist for overseas gambling January 27, 2021
  • China diplomats warn nationals not to gamble in CambodiaChina diplomats warn nationals not to gamble in Cambodia January 27, 2021
  • Digital yuan eventually for Macau mass bets mulls BernsteinDigital yuan eventually for Macau mass bets mulls Bernstein January 22, 2021
  • Okada Manila warns against online casino, sale rumoursOkada Manila warns against online casino, sale rumours January 25, 2021
  • Cotai expansion to aid Macau EBITDA to 2019 level: CICCCotai expansion to aid Macau EBITDA to 2019 level: CICC January 26, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us