Asian American Entertainment Corporation (AAEC) is suing Las Vegas Sands for over US$12m. The trial will resume next week.<\/p>\n\n\n\n\n\n\n\n
Macau.- The legal battle between\u00a0Las Vegas Sands (LVS) and Asian American Entertainment Corporation (AAEC)<\/strong>\u00a0over LVS\u2019s gaming licence in Macau is to resume on June 16 after being pushed back from last September.<\/p>\n\n\n\n According to Reuters,\u00a0Marshall Hao’s<\/strong> AAEC is seeking damages calculated at around 70 per cent of Sands\u2019 Macau profits\u00a0<\/strong>from 2004 to 2022.\u00a0<\/p>\n\n\n\n AAEC initiated the lawsuit in 2012. It argues that\u00a0Sands breached its contract<\/a>\u00a0for a\u00a0casino licence in Macau in 2002<\/strong> when the US operator switched partners, teaming up with Hong Kong’s Galaxy Entertainment.<\/p>\n\n\n\n On September 4 2019,\u00a0AAEC was allowed to increase its initial MOP3bn claim to MOP96.45bn (US$12bn) for lost profits from 2004 to 2018\u00a0<\/strong>while reserving its right to claim for lost profits up to 2022 in due course at the enforcement stage. LVS\u2019 appeal over this decision is still pending.<\/p>\n\n\n\n LVS<\/a> requested a\u00a0postponement in September<\/strong>\u00a0due to the travel restrictions caused by the Covid-19 pandemic.<\/p>\n\n\n\n The operator’s current\u00a0casino licence in Macau<\/a>\u00a0is due to expire in June 2022. The legal battle with AAEC could affect its chances of re-tendering.<\/p>\n\n\n\n The company\u2019s London-inspired casino resort\u00a0The Londoner<\/a>\u00a0Phase I opened its doors in February. Las Vegas Sands\u2019 CEO<\/a>\u00a0has said he expects the venue\u00a0to reach the same level of revenue as The Venetian<\/strong>.<\/p>\n\n\n\n The casino will have a capacity for up to 450 tables and 2,000 slot machines<\/strong>. It will be able to seat 1,700, while an additional 370,000 square feet of meeting space will cater to the MICE market.<\/p>\n","protected":false},"excerpt":{"rendered":" Asian American Entertainment Corporation (AAEC) is suing Las Vegas Sands for over US$12m. The trial will resume next week.<\/p>\n","protected":false},"author":176,"featured_media":18836,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Asian American Entertainment Corporation (AAEC) is suing Las Vegas Sands (LVS) for over US$12bn in Macau, alleging a breach of contract related to LVS's 2002 gaming licence acquisition. The resumption of this long-standing legal dispute, with LVS's current Macau licence expiring in June 2022, introduces significant regulatory and financial uncertainty for the operator's future market access and operational continuity in the region.","focusai_entities":"Asian American Entertainment Corporation (AAEC), Las Vegas Sands (LVS), Marshall Hao, Galaxy Entertainment, Reuters","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (1.0), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"LVS Licence Renewal Impact","query":"What specific regulatory and governance frameworks in Macau could be leveraged by LVS to mitigate the impact of this ongoing litigation on its impending licence re-tendering process?"},{"label":"Financial Liability Assessment","query":"How might the potential US$12bn liability, if upheld, impact Las Vegas Sands' capital allocation strategy, dividend policy, and future investment capacity across its global gaming verticals?"}],"footnotes":""},"categories":[16338,439],"tags":[1642,23906,21680],"class_list":["post-18817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","tag-las-vegas-sands","tag-macau-casinos","tag-sands-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=18817"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18817\/revisions"}],"predecessor-version":[{"id":18844,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18817\/revisions\/18844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18836"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=18817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=18817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=18817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}