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.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters