A 15-year long dispute of an alleged breach-of-contract between Las Vegas Sands Corp. and Richard Suen, a Hong Kong businessman who was instrumental in getting the US casino operator open their first Casino in Macau, the global gambling hub has come to an end.
After the hearing in a Las Vegas courtroom, Richard Suen talked to the Associated Press (AP) and said that the protracted dispute has come to an agreement and is now settled, however, he is not entitled to disclose the terms of the agreement. The Hongkong businessman seemed content and said that he had been fighting this out since 2004 and that it was “worth it”.
Suen had claimed throughout that he was promised a sum of USD 5 million in the event of getting the Las Vegas Sands Corp. a license in the Chinese province. He said that he was also promised that for the next 18 years, he would receive a 2 percent profits of the company’s operations in Macau. It should be noted that Suen did not have a written contract but held on to his claim that Sands verbally promised the perks.
Representing Suen, his lawyer John O’Malley told the court that according to the contract his client should be getting approximately $347 million for playing the intermediary role between Adelson and Sands and top Chinese officials to help them get a Casino License in Macau.
In their counter-argument, Richard Sauber standing for the Las Vegas Sands Corp. argued that Suen had no role in getting the company their Casino license in Macau as he was no longer associated with Adelson and Sands when their first Macau Casino was opened in 2004.
After Judge Rob Bare informed the jurors about the settlement, Sands’s lawyer Richard Sauber told the press that both sides had reached “an amicable settlement and resolution.”
Both Suen attorney O’Malley and Sands attorney James Jimmerson expressed their content and accepted it as a square end to the lengthy trial.
In his statement to the Associated Press O’Malley standing for Suen said: “Although the dollars are confidential, we’re very pleased. This settlement completely resolves the litigation. There will be no more appeals.”
Sand’s Sheldon Adelson was unavailable for comments and there has been news that Adelson was being treated for Cancer.