{"id":30711,"date":"2022-06-13T05:16:49","date_gmt":"2022-06-13T08:16:49","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=30711"},"modified":"2026-04-23T07:51:26","modified_gmt":"2026-04-23T10:51:26","slug":"sands-china-says-lawsuit-against-president-will-not-impact-the-group","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/sands-china-says-lawsuit-against-president-will-not-impact-the-group","title":{"rendered":"Sands China says lawsuit against president will not impact the group"},"content":{"rendered":"\n

Wong Ying Wai, Sands China’s president, is listed as one of 34 defendants in a lawsuit brought by Hsin Chong Group Holdings, which is currently in liquidation.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0Sands China<\/a>\u00a0has issued a statement saying that it will not be affected by a lawsuit that names its president,\u00a0Wong Ying Wai<\/strong> as one of 34 defendants. The lawsuit was brought by Hsin Chong Group Holdings Limited. <\/p>\n\n\n\n

The lawsuit alleges, among other things, breaches of directors\u2019 duties to the group, which was listed on the Hong Kong Stock Exchange until December 2019.\u00a0The group is now in liquidation.<\/p>\n\n\n\n

Sand China said that\u00a0Wong has confirmed he has had no executive responsibilities<\/strong> in Hsin Chong since November 1, 2015\u00a0and that he strongly believes the claims are without merit. Sands China also clarified that the claims do not involve the group and or Wong’s performance of his duties.<\/p>\n\n\n\n

According to the statement, the board of directors of the company believes the claims will not have any material adverse impact on the group\u2019s ordinary business<\/strong>, operations and financial position.<\/p>\n\n\n\n

Sands China<\/a>\u00a0has posted a net loss of -US$336m for the first quarter of the year. It also reported an adjusted real estate EBITDA loss of -US$11m for Q1 compared with a positive US$100m in the first quarter of 2021.<\/p>\n\n\n\n

Total net income declined to US$547m. Net revenue from Singapore\u2019s Marina Bay Sands <\/strong>fell to US$399m, down from US$426m in the first quarter of 2021. Adjusted EBITDA for the property was US$121m, compared to US$144m in the same period in 2021.<\/p>\n\n\n\n

However, thanks to the sale of its Las Vegas operation, the company reported a US$2.53bn profit in the three months, which compares to a US$278m loss in Q1 2021. Its net loss from continuing operations was US$478m, compared to US$280m in Q1 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wong Ying Wai, Sands China’s president, is listed as one of 34 defendants in a lawsuit brought by Hsin Chong Group Holdings, which is currently in liquidation.<\/p>\n","protected":false},"author":176,"featured_media":26755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Sands China's president, Wong Ying Wai, is named as a defendant in a lawsuit by Hsin Chong Group Holdings, though Sands China asserts no material adverse impact on its operations or financial position. Concurrently, Sands China reported a Q1 net loss of US$336m and an adjusted real estate EBITDA loss of US$11m, despite an overall US$2.53bn profit driven by the strategic divestment of its Las Vegas operations.","focusai_entities":"Wong Ying Wai, Sands China, Hsin Chong Group Holdings Limited, Marina Bay Sands","focusai_location":"Macau, Hong Kong, Singapore","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.9), operator_casino (0.95), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Litigation Risk Profile","query":"Given the allegations of directors' duties breaches, what is the comprehensive litigation risk profile for Sands China, considering potential indirect impacts on corporate governance perception and investor confidence, beyond the direct financial statement assertion?"},{"label":"Core Market Performance","query":"Analyzing the Q1 results, what specific GGR and NGR trends within the Macau and Singapore gaming verticals indicate the underlying operational health and recovery trajectory of Sands China's continuing operations, excluding the one-off asset sale?"}],"footnotes":""},"categories":[16338,439],"tags":[21680],"class_list":["post-30711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","tag-sands-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30711","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=30711"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30711\/revisions"}],"predecessor-version":[{"id":30726,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30711\/revisions\/30726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26755"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}