Plaintiff sought 72.5 percent of all Sands profits in Macau
An Asian-American businessman who sued the Las Vegas Sands Corp. for billions in connection with its Macau gaming enterprise has withdrawn the lawsuit in a Nevada district court, according to GGRAsia.
Marshall Hao Shi-sheng, chairman of the Asian American Entertainment Corp. Ltd., said he helped the Sands Corp. acquire a Macau casino license; in the lawsuit, he claimed he was owed 72.5 percent of more than US$20 billion in profits the Sands has made since it opened in Macau in 2002. Ultimately, he sought US$5 billion in compensation.
The action, which was withdrawn on December 23, named Sands Chairman Sheldon Adelson and former executives William Weidner and David Friedman as defendants.
Las Vegas Sands first won a Macau gaming license in a partnership with Galaxy Entertainment Group Ltd. After the partnership dissolved, the government split the contract into two concessions. The AAECL lawsuit demanded compensatory and punitive damages for “breach of confidence and misappropriation of trade secrets” by the Sands Corp, and accused the defendants of “surreptitiously disseminating to Galaxy … highly proprietary information that was developed between plaintiff and LVS over the course of several months.”
