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StumbleSheldon Adelson appeals $58.6 million judgment
Las Vegas Sands Corp. Chairman Sheldon Adelson gives testimony during the a trial resulting from a lawsuit by Hong Kong businessman Richard Suen.
Tuesday, Aug. 31, 2010 | 3:17 p.m.
Plaintiff Richard Suen appears in District Court Thursday, April 17, 2008. Suen sued Las Vegas Sands Corp. Chairman Sheldon Adelson and claims that he is owed millions of dollars for helping Las Vegas Sands win a Macau gambling license in 2002.
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Sun Coverage
CARSON CITY – Gaming mogul Sheldon Adelson says a Las Vegas jury relied on “wishful thinking” in awarding $43.8 million to a Hong Kong businessman who says he used his influence to help Adelson get approval for two casinos in Macau.
Adelson says there was no evidence presented at a 29-day trial to award the money to Richard Suen, who claims he was offered $100 million at one point.
Adelson, through his lawyers, will present his appeal to the Nevada Supreme Court on Thursday in behalf of himself, Las Vegas Sands Inc. and its former president, William Weidner.
Suen argues he gave the casino idea to Adelson and officials with Las Vegas Sands Inc. to invest in Macau. He says he facilitated meetings with Chinese officials and rescued Adelson's bid when his proposal was in trouble.
The $43.8 million increases to $58.6 million when prejudgment interest is added.
Las Vegas Sands Inc. owns the Sands Expo and Convention Center and the Venetian and Palazzo hotel-casinos in Las Vegas. Adelson is chairman and chief executive officer of the company.
Las Vegas Sands opened the Sands Macao in 2003 and the Venetian Macao in 2007.
When they couldn't reach a financial agreement, Suen filed suit in Clark County District Court in Las Vegas against Adelson, the company and Weidner alleging he used his influence to get the Macau licenses.
Macau had decided in 2000 to end a monopoly and open the gambling market to competition. Adelson met Suen on a trip to Macau in July 2000, and Suen says he arranged for several meetings with Chinese officials for Adelson and Sands officials. At the time, business in Las Vegas was down due to the Sept. 11 terrorist attacks.
Adelson sought partners to build the casino, with the Las Vegas company operating the gambling. An agreement was reached with a company called Galaxy for a $1.1 billion investment. But Galaxy, which was affiliated with a Hong Kong investor, bowed out, objecting to the disclosure requirements that applied under Nevada law.
By that time, cash flow had improved and Las Vegas Sands Inc. had received permits to construct casinos on its own. During this period, Suen says he conducted a number of meetings that resulted in Las Vegas Sands getting approval for the casino construction.
Las Vegas Sands says Suen never introduced it to any potential partners. The company argues there was no evidence that influence by Suen prompted Chinese officials to express any preference for Las Vegas Sands.
Samuel Lionel, the attorney for Las Vegas Sands, said this judgment "breaks new ground in permitting a United States jury to award tens of millions of dollars based on allegedly irregular actions of a foreign government." He said the jury was allowed to presume illegal influence without the slightest evidence that it occurred.
Suen attorney James Pisanelli said there was no evidence of a violation of the law. He said there was "unrebutted testimony” that influence by the Chinese government over Macau doesn't violate the basic law.
Macau is a “special administrative region” of China. Law forbids China from interfering in the Macau government except on issues of foreign affairs and national defense.
The court is expected to take the arguments under study and rule later.
Discussion: 2 comments so far…
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Just a cost of doing business in Communist China.
Why doesn't anybody look at the largely unsupervised LEED (Leadership in Energy & Environmental Design) program the Las Vegas Sands is involved in? They're getting big tax breaks for "geening" the Venetian and the Palazzo. Unfortunately, instead of regularly sending inspectors to monitor the Las Vegas Sands, the government is taking the Las Vegas Sands' word that work being done.
coelacanth1938,
I am assuming you have spoken to the "Government" about this and know for a fact they are just taking the word of the Sands?
You have all the Doc's, facts and proof right?
coelacanth1938,
You might want to say that you believe the sands is doing this. Unless you really have proof.
In the artical, it states that in 2000, business in Las Vegas was down due to the Sept. 11 terrorist attacks.
I may be old, but from what I remember, the attacks didn't happen until 2001. To be sure, I'll look it up again.
Ask Suen:Where your balance point in your heart after finished processing business with Sands,just a round .it represent your full-bleed and rashness.you have self-standard not proof,I think.
These Republicans sure like China, thank you Richard Nixon.
That seems like a lot of money for very little if anything done on behalf of the Sands. Is there anything in writing??
just pay up cheapskate. fire your entire outdoor staff to pay for it and everyone is happy.
Jury trials are wildly unpredictable. A jury awarded a multimillion dollar settlement and no law was broken or contract breached. The Russian Roulette of Civil Court.
Blackjack will have to go5:1-5 on this one.A few more double zeros on the roulette wheel,and Sheldon will be on his merry way!Oh,and fire your other advisors.I don't think you are quite getting your money's worth.
Adelson is a greedy animal. He has stated his goal is to be the richest man in the world. When is billions enough.
In the words of KGB , pay that man his money.
If he loses on appeal then what? After he is gone the sands will settle this for 100 million.
Caption below picture should read "My wallet is THIS big!"
Seriously;He was describing something totally off topic at the time,and I wished to tell him to just zip it!
There must of been something for a court to make him pay that sum. Typical of him to appeal it, just like he did when his first hotel was built and he didn't wanna pay.
This greedy lunatic is still alive. Wow. Maybe he can borrow the money from his good friend Mr. Sedicke, oh I forgot he is spending many years in jail for embezzelment from Frys Electronics.
Face it folks. Those that have made megabucks, have done so by screwing over everyone else.