LVS Asks Las Vegas Court to Cancel US$101.6 Million Verdict

By IVCPOST Staff Reporter

Jun 11, 2013 04:26 AM EDT

Las Vegas Sands Corp (LVS) asked a trial judge in Las Vegas Nevada to cancel the US$101.6 million award. The verdict was ordered in favor of the Hong Kong businessman, Richard Suen who won over allegations of helping the casino operator receive its gaming license in Macau.

In a filing on June 7, Sands argued that the award for damages should be given for services rendered to Round Square Co., owned by Richard Suen. This was after the verdict award was given to Suen himself. Meanwhile, Round Square was dismissed from the case before the trial in 2008 according to Sands.

On May 14, a US$70 million award was given for damages for Round Square. A US$31.6 million for pre-judgment interest was added by Clark County District Judge Rob Bare on May 28.

This was Suen's second trial win after filing claims that he had held meetings to help set up for Sands with its chairman Sheldon Adelson and Chinese leaders. The meeting was said to be held in Beijing in 2001 that paved the way for Sands to win a license to own and operate casinos in Macau.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics