Asian American seeks billion in damages
A former business partner of the Las Vegas Sands Corp. is suing the company for allegedly stealing trade secrets.
Asian American, headed by Taiwanese businessman Marshall Hao, filed the complaint in U.S. District Court in Nevada, according to Reuters.
Las Vegas Sands and Asian American jointly submitted a bid for a gaming concession in 2002 in Macau. Then Sands switched partners, joining instead with Galaxy Entertainment of Hong Kong.
“This is an action for money damages arising out of profits owed to plaintiff by LVSC for use and benefit of the work which ultimately led to the Las Vegas Sands enterprise securing a Macau concessions contract,” Asian American said in the complaint.
Las Vegas Sands has denied the claims.
“Using a different lawyer every time, AAEC (Asian American) has repeatedly filed lawsuits trying to take credit for that which they didn’t do,” said the statement. “U.S. courts have consistently rejected those efforts. Las Vegas Sands will respond to this latest version of the same meritless lawsuit in court.”
Asian American Entertainment accuses Sands of “surreptitiously” sharing plans it developed with AAEC with Galaxy, Bloomberg reported.
Despite its legal woes in Macau, Sterne Agee has rated the Sands Corp. a “buy.” Analyst David Bain said the Sands “should organically outgrow peers” due to its “exceptionally strong free cash flow for capital return potential”; new developments in Macau; “other Asian expansion opportunities, such as casino gaming in Japan,” and additional indicators.
