A multibillion-dollar lawsuit in Macau pitting Las Vegas Sands against a jilted partner has been postponed until next September.
The court hearing the case granted the delay at the request of the plaintiff, Asian American Entertainment Corp. (AAEC), the Taiwanese entity that was LVS’ original partner in its bid for a Macau gaming concession. AAEC later was dumped in favor of Hong Kong-based Galaxy Entertainment, which ultimately won the license as part of a deal with the Macau government that allowed LVS to operate independently as a sub-concession of Galaxy.
AAEC claims the breakup was a breach of contract and sued back in 2012, seeking damages that have since ballooned to $12 billion, representing profits allegedly lost to the company from 2004, when LVS opened its first Macau casino, through 2018. AAEC also reserves the right to recoup lost profits through 2022, when LVS’ license, along with those of the territory’s other five casino licensees, expires.
LVS reported the postponement on its third-quarter earnings call, stating “The company intends to defend this matter vigorously,” though it acknowledged “it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.”
An attorney for AAEC confirmed the postponement without comment, according to a report by Macau News Agency.
