Lu\u00eds Cavaleiro de Ferreira, LVS’s attorney, told the court that AAEC was to blame for its failed tie-up with the US-based company to gain a casino licence.<\/p>\n\n\n\n\n\n\n\n
Macau.- The legal battle between Las Vegas Sands (LVS) and Asian American Entertainment Co Ltd (AAEC) goes on and this time it was the turn of LVS to make its statement. Lu\u00eds Cavaleiro de Ferreira, representing Las Vegas Sands, told Macau\u2019s Court of First Instance that\u00a0Marshall Hao Shi-Sheng, AAEC\u2019s CEO, refused to extend <\/strong>a letter of intent beyond January 15, 2002<\/strong> to bind Asian American Entertainment and the US conglomerate to exclusive negotiations.<\/p>\n\n\n\n LVS’s lawyer claimed that\u00a0AAEC was the first to break up the partnership\u00a0<\/strong>and trade with rivals including Hong Kong entrepreneur Lui Che Woo. The lawyer also denied the other party’s claim that Las Vegas Sands gave Lui’s Galaxy Casino SA access to confidential bidding documents prepared by Asian American Entertainment.\u00a0<\/p>\n\n\n\n He said the final bid, which originally combined the capabilities of Las Vegas Sands and Galaxy Casino SA, was based entirely on the US group’s resort business model for the Venetian Las Vegas casino in Las Vegas, Nevada.<\/p>\n\n\n\n Cavaleiro de Ferreira stressed that\u00a0AAEC’s own Macau bid ended up with the lowest score in a tender process held by Macau authorities<\/strong>, and suggested that even if Sands ended up as its partner, the Taiwanese group would not win the Macau concession.<\/p>\n\n\n\n AAEC initiated its lawsuit against LVS in 2012. It argues that\u00a0LVS breached its contract<\/a>\u00a0for a\u00a0casino licence in Macau in 2002<\/strong>\u00a0when the US operator switched partners, teaming up with Hong Kong\u2019s Galaxy Entertainment.<\/p>\n\n\n\n AAEC<\/a>\u00a0is demanding compensation of at least US$7.5bn to cover lost profits. Jorge Menezes, AAEC attorney, made the plea said the proposed amount is \u201cbased on fairness and discretion\u201d. AAEC had originally sued\u00a0Las Vegas Sands for over US$12m<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Lu\u00eds Cavaleiro de Ferreira, LVS’s attorney, told the court that AAEC was to blame for its failed tie-up with the US-based company to gain a casino licence.<\/p>\n","protected":false},"author":176,"featured_media":26651,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"A long-standing legal dispute between Las Vegas Sands (LVS) and Asian American Entertainment Co Ltd (AAEC) over a 2002 Macau casino license bid continues, with LVS asserting AAEC's refusal to extend a letter of intent led to the partnership's dissolution. AAEC is seeking US$7.5 billion in compensation, alleging LVS breached contract by partnering with Galaxy Entertainment. The case highlights the complexities of B2B licensing agreements and concession tenders in highly regulated gaming jurisdictions.","focusai_entities":"Las Vegas Sands (LVS), Asian American Entertainment Co Ltd (AAEC), Lu\u00eds Cavaleiro de Ferreira, Marshall Hao Shi-Sheng, Lui Che Woo, Galaxy Casino SA, Galaxy Entertainment, Jorge Menezes","focusai_location":"Macau, Las Vegas, Nevada, Hong Kong","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (1.0), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"LVS Financial Impact?","query":"What is the potential financial impact on Las Vegas Sands' balance sheet and future earnings if the US$7.5 billion compensation claim by AAEC is upheld, and how might this affect its capital allocation strategy?"},{"label":"Macau Regulatory Precedent?","query":"Could the court's ruling in this long-standing dispute set a new precedent for B2B partnership agreements and the handling of confidential bidding documents within Macau's gaming regulatory framework?"}],"footnotes":""},"categories":[16338,439],"tags":[23715,1642],"class_list":["post-26614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","tag-aaec","tag-las-vegas-sands"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26614","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=26614"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26614\/revisions"}],"predecessor-version":[{"id":26641,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26614\/revisions\/26641"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26651"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}