After two days of jury deliberations, the verdict is in: Las Las vegas Sands (LVS) needs to fork over $70 million in previous due fees and accrued interest to one-time consultant and Hong Kong businessman Richard Suen for his role in getting LVS into the Macau gaming market in the beginning of the decade.
This judgment ended up being the second time a court has ordered LVS to pay up their previous consultant; the previous ruling in 2008, for $43.8 million, was later overturned by the Nevada Supreme Court. Seems like LVS must have just paid up then; now they should spend nearly double to account for amassed interest in the interim.
The suit that is current off early this year, and ran for months before shutting arguments were finally made in May. The suit has received lots of newsworthy drama, including testimony from both Sheldon Adelson, the notorious LVS chairman, and his former company president William Weidner; between these two, apparently no love has become lost. Weidner left the LVS brand name four years ago, and testified at the latest hearing that Adelson’s pugilistic nature, even during their original trial against Suen in 2008, was ‘injurious to relationships with China.’ You might not discern that from the LVS Asia spreadsheets, but Weidner nonetheless says he ‘lost confidence’ in their former boss’s decision-making abilities at the period.
More Suits Ongoing