Former Macau partner denies it’s unhappy

Monday, March 11, 2002 | 11:05 a.m.

A Taiwanese bank is denouncing a press release issued by Asian American Entertainment Corp., Las Vegas Sands Inc.'s former partner in a Macau casino bidding license effort.

The China Development Industrial Bank was identified as a partner in an Asian American press release issued earlier this month. In the release, Asian American accused the Venetian's parent company of pulling out of its partnership without notice, and threatened a lawsuit in Nevada over the matter. Asian American also claimed the Macau licensing committee was biased against its bid because of the involvement of the Taiwanese bank.

The Venetian was ultimately awarded a license by Macau, but as a member of a different consortium.

In a letter released Friday, CDIB said the release was "misleading and misrepresents the position of CDIB."

CDIB said it did not give Asian American authorization to quote CDIB in the press release, or to make any representations on its behalf. The bank said it has "lodged a serious protest" with Asian American over the incident.

"Both CDIB and the Venetian were the anticipated partners of the AAEC Consortium, but only to the extent of expected shareholdings in the venture," said CDIB Executive Vice President Michael Jen in the letter. "Other than the expected shareholders relationship, CDIB and AAEC do not have any other relationship."