A Macau appeals court has rejected a request from Asian American Entertainment (AAE) to reinstate its long-standing multibillion-dollar lawsuit against Las Vegas Sands (LVS) concerning a business deal that ended poorly nearly 25 years ago.
AAE, a firm owned by Taiwanese entrepreneur Marshall Hao Shi-sheng, asserts that it is owed between US$7.5 billion and US$12 billion by the American casino giant, potentially marking the largest breach of contract case in corporate history.
The conflict stems from a deterioration in the relationship between the two parties in 2001, one year after they filed a joint application for a casino license in the newly opened Macau gaming market.
LVS later presented a new proposal in collaboration with Galaxy Entertainment for what turned into the Sands Macao. LVS’s later operations in Macau established it as the wealthiest casino operator globally, and AAE contends that it merits a share of the profits.
AAE contended that without its initial guidance, LVS would have faced difficulties navigating the intricate licensing process and cultural subtleties in Macau.
The claim of US$7.5 billion to US$12 billion is founded on 70 percent of LVS profits in Macau from its trading inception in 2004 until the license's expiration last year.
However, LVS has asserted that it was AAE that ended the relationship. Simultaneously, previous Macau regulators stated that LVS was a very attractive candidate, and its background as a Las Vegas operator surpassed any input that local licensing partners could have provided.
The lower court decided in May 2022 that AAE had “misrepresented the facts … greatly inflated the compensation amount” and engaged in the litigation “in bad faith.”
The ruling from the appeals court has not been released. AAE may still bring the case before Macau’s top court, the Court of Final Appeal.
Although AAE's attorney, Jorge Menezes, refrained from discussing the specifics of the court’s ruling this week, he informed GGRAsia that his client was ready to “carry on the battle until the finish.”
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