Asian American, run by Taiwanese businessman Marshall Hao, is suing former business partner Sheldon Adelson for 70% of hotel and casino Las Vegas Sands’ profits between 2004 and 2022—for a potential $8B haul.
How did the Las Vegas Sands get to this point?
The casino looked to break into Macau in 2001, and partnered with Asian American to pursue a bid before replacing the company with Galaxy Entertainment.
Asian American alleges that Sands broke the terms of their tandem, and used designs and trade secrets in its Galaxy partnership, The Motley Fool reports.
The lawsuit has had far-reaching impact so far, as the concessions Macau’s government granted Galaxy and Sands led to concessions for Wynn Resorts, SJM, Melco Crown and MGM Resorts.
This is just another court case to add to the docket for the Las Vegas Sands—former Sands China executive Steven Jacobs is suing over wrongful termination, and that case is still moving forward in a Nevada court.
The Macau case seems to be moving forward as well, as a court in the country has ruled against a motion to dismiss the case. [Fool]
)
)
)
)
)
)
)
)
)
)
)
)