Sheldon Adelson is fighting his very own crusade against online casinos in general and those who try to conquer the American market in particular. He spends hundreds of millions of dollars in his attempt of stopping the legalizing of Internet gambling and says that he is willing to spend as much as needed to the rail such efforts. For the time being, his aggressive lobby is only marginally successful, as more US states are contemplating the possibility of legalizing online gambling.
Whether the gambling mogul believes in karma, or not, the fact is that Las Vegas Sands is running into a lot of problems recently in Asia. It runs a lucrative business in East Asia and its Macau ventures are particularly profitable, but recently the company was hit by another huge lawsuit. This time, they are trying to avoid a defeat that would have them pay $5 billion, a significant amount even for a company of this size.
Add to this the fact that an unfavorable ruling would invite others to launch similar lawsuits and you’ll see why the Las Vegas Sands lawyers are so busy these days. This is not the only case in which the company is facing the prospect of losing a lot of money, with http://bigstory.ap.org/article/las-vegas-sands-appealing-70m-jury-award presenting another interesting case.
On this particular occasion, it is a Taiwanese businessman who claims that Las Vegas Sands owes him a lot of money, after his company helped the corporation attain a Macau license. Their American partners allegedly decided to sever the link and failed to meet their end of the bargain, which prompted the Taiwanese to seek compensations. In the wake of this lawsuit, Sheldon Adelson and his cronies were willing to discuss the deal of a potential agreement, but the other party seemed to be uninterested.
Marshall Hao has some experience in this line of work, as he sue a gambling company before, seven years ago in Nevada. Back then he didn’t have a solid case, because the judges decided to rule against him and he didn’t get a dime. On the other hand, this time it won’t be an American court to reach a verdict so Hao has a couple of reasons to be optimistic about the outcome.
He gradually raised the antes and now he asked for $5 billion, which is a huge amount that is very likely to end up in his bank account. The last time Las Vegas Sands lost a big lawsuit was against a Hong Kong businessman who demanded compensations of $375 million and received over $400 million. It was a significant blow to the company, but finding the resources to pay the winner was hardly a problem, something that couldn’t be said about a $5 billion paycheck.