Dave Sun Minqi, senior vice president and chief financial officer of Las Vegas Sands Macau told the court that AAEC’s suit for over US$12m was exaggerated.<\/p>\n\n\n\n\n\n\n\n
Macau.- Dave Sun Minqi have given testimony in court inn a new chapter in the legal battle between\u00a0Las Vegas Sands (LVS) and Asian American Entertainment Corporation (AAEC)<\/strong>\u00a0over LVS\u2019s gaming licence in Macau. <\/p>\n\n\n\n He said that the\u00a0MOP96.45bn (US$12bn)\u00a0<\/strong>amount claimed by AAEC was based on the \u201coperating profit\u201d in Macau and it was not a “comprehensive consideration” of the group’s capital expenditures in the Macau market and related depreciation and amortization costs.\u00a0<\/p>\n\n\n\n He then said that his understanding is that\u00a0the AAEC’s claims are based on the financial statements submitted by Venetian Macau Co., Ltd<\/strong>. to the Gaming Supervision and Coordination Bureau, the city’s casino regulatory agency, every year.\u00a0<\/p>\n\n\n\n The executive said that so far, the total capital expenditure of the group in Macau is MOP120bn (US$15 bn)<\/strong>. The company currently operates Sands Macau, the Venetian Macao and The Parisian Macao, the Four Seasons Macao suites, and the still under-development Londoner Macao, located in Cotai.<\/p>\n\n\n\n At the hearing on Friday, Minqi said that due to the impact of the Covid-19 pandemic, the Venetian Macao Co., Ltd. has experienced \u201chuge losses\u201d in 2020 and so far this year.\u00a0He said the company also suffered losses from 2002 to 2004 and in 2008 and 2009, during the global financial crisis.<\/p>\n\n\n\n In July, former gaming advisor Carlos Lobo<\/strong> gave further testimony in court<\/a> on the relationship between Las Vegas Sands and Asian American Entertainment Corporation (AAEC).<\/p>\n\n\n\n Referring to Macau\u2019s\u00a0tender process<\/a>, he told the court that\u00a0AAEC lacked experience in the casino sector, adding that the company also wanted to develop a bank<\/strong>\u00a0in exchange for a gaming concession, which had raised concerns about money laundering.<\/p>\n\n\n\n