Las Vegas Sands Fights Back Against $7-Billion Lawsuit in Macau
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Las Vegas Sands is back in court fighting a familiar foe. Asian American Entertainment Corporation (AAEC) wants to collect massive amounts of money from LVS. AAEC dropped its claim from $12 billion to $7.5 billion.
AAEC is suing Las Vegas Sands for $7-8 billion. The claim is related to LVS's decision to replace AAEC with Galaxy Entertainment Group (GEG) in the 2002 gaming licensing tender. Two independent reports from two experts recalculated the claim amount. The amount has been reduced from the maximum $12 billion to $ 7.4-7.8billion.
AAEC's Marshall Hao Shi-sheng refused to extend the exclusive negotiations with LVS until 2002. L VS claims that AAEC walked away first and then started negotiating with other companies. The legal battle returns to the courtroom on February 15. . ... It is alleged that LVS allowed Galaxy Casino SA access to confidential documents prepared by AAec.
