A Macau court has determined there is no evidence of a definitive agreement between Las Vegas Sands Corp and Asian American Entertainment Corp to bid for a Macau gaming licence.<\/p>\n\n\n\n\n\n\n\n
Macau.- Judge Seng Ioi Man<\/strong>, sitting at Macau\u2019s Court of First Instance, has said there is no proof that Asian American Entertainment Corp (AAEC)<\/strong> had a definitive agreement to tie with US-based casino group Las Vegas Sands Corp (LVS)<\/strong> to bid for a Macau gaming concession in 2002.<\/p>\n\n\n\n The court case started two decades ago when AAEC claimed $7.5bn<\/strong> from LVS for breach of contract. The two companies had signed a partnership in October 2001 with a view to exploring a potential bid for a Macau concession, however, LVS ultimately partnered with Galaxy Entertainment<\/strong>, with whom it won a licence.<\/p>\n\n\n\n The legal proceedings debated whether Asian American Entertainment might have won Macau rights if Las Vegas Sands had remained its partner through the tender process. But Judge Seng said there was no evidence that a combination between AAEC and LVS would have won a casino licence had their partnership continued beyond the preliminary letter of intent. <\/p>\n\n\n\n The legal representatives from both sides will submit their feedback this coming Friday before a final verdict is made by the local court. The claimant will submit written submissions on matters of law on February 28<\/strong>, with the defendant doing the same 10 days after that. The resolution may arrive in the latter part of March<\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":" A Macau court has determined there is no evidence of a definitive agreement between Las Vegas Sands Corp and Asian American Entertainment Corp to bid for a Macau gaming licence.<\/p>\n","protected":false},"author":226,"featured_media":7123,"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 Macau Court of First Instance has determined there is no evidence of a definitive agreement between Las Vegas Sands Corp (LVS) and Asian American Entertainment Corp (AAEC) for a 2002 Macau gaming concession bid. This ruling significantly impacts AAEC's two-decade-old $7.5bn breach of contract claim against LVS, which ultimately secured a concession with Galaxy Entertainment. A final verdict is pending further legal submissions.","focusai_entities":"Las Vegas Sands Corp, Asian American Entertainment Corp, Galaxy Entertainment, Seng Ioi Man","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (1.0), operator_casino (0.8), investor_analyst (0.9), journalist_researcher (0.8)","focusai_suggestions":[{"label":"LVS Financial Impact?","query":"What is the precise financial impact of this preliminary ruling on Las Vegas Sands Corp's balance sheet and future earnings guidance, specifically regarding the $7.5bn claim?"},{"label":"Concession Agreement Precedent?","query":"How will this judicial interpretation of \"definitive agreement\" influence the drafting and negotiation of future B2B partnership agreements for gaming concession bids in other highly regulated Asian markets?"}],"footnotes":""},"categories":[16338,439,158],"tags":[257],"class_list":["post-27307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","category-slider-home","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27307","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=27307"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27307\/revisions"}],"predecessor-version":[{"id":27330,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27307\/revisions\/27330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/7123"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=27307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=27307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=27307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}