Casinos.co.uk: Casino News Archive
Monday 26th May 2008
Las Vegas Sands old To Payout $43.8 Million
While the secret world of gaming licences and exactly how they are obtained never seems to hit the press, a court case in Clark County Court has blown this area of the casino business wide open. Casino giant Las Vegas Sands Corp has been ordered to pay Honk Kong businessman Richard Suen $43.8 million for his part in helping the company obtain a gaming licence in the casino capital of Macau.<br />
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Suen had originally sought just over $100 million for his part in the deal, claiming that Las Vegas Sands had failed to hold their side of a deal agreed prior to the approval of the company’s Macau licence. While there were few details actually disclosed in the courtroom it does show how much money is at stake with regards to new gaming licences, etc. The fact that the company were ordered to pay just under half of the large claim shows what the licence must be worth to the company.<br />
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Even though Las Vegas Sand has threatened to appeal against the decision the courts seemed to think that it was a fairly open and shut case, with the vast majority of the jurors agreeing that the claim was valid at an early stage, although it took a little longer to agree the fee.
Source:gambling_CMS_tmark938
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