Ruling to pay Las Vegas Sands $101.6 Million

Las Vegas Sands Corp. owes $101.6 million to a company owned by Richard Suen, a one-time consultant, nearly halving the final ruling signed Tuesday by Clark County District Judge Rob Bear.

Two weeks ago, a 12-member jury valued Mr. Suen’s achievement in helping Mr. Sands enter the booming market in Macau at $70 million. Receiving 5.25 percent interest since Oct. 20, 2004, the case has reached $31.6 million, and will continue to grow at $8,400 a day until the judgment is actually paid or overturned on appeal.

After the jury read the verdict on May 14, Sands issued a statement that the trial’s outcome reflected numerous flaws and that he would appeal to the Nevada Supreme Court.

“We think the ruling will withstand any appeal,” said then Suen lawyer John O’Malley. “The question we have with Mr. (Shelden) Adelson is when he will pay this debt.”

Adelson is the chairman and CEO of Sands, where he first met Suen in mid-2000. That led Suen to sometimes struggle to get a Macau gaming license.

Sands took over the Macau chain in late 2002, but decided not to pay Suen anything. At the trial, the company said it succeeded with its own efforts, but Suen argued that his advice and strategic planning ultimately helped the company.

Bare signed a ruling submitted by Suen’s lawyers, rather than a competitive one written by Sands’ legal team. The latter ruling pointed out that the jury awarded money only to his company, Round Square, Inc., refused to recover for Suen himself, and rejected claims that he and Round Square had signed a contract with Sands. The final ruling only mentions the ruling for Round Square, not grounds or what requests were denied. 바카라

The jury awarded a $70 million award under a legal theory known as Quantum Meruite, which values the work, even if there is no signed deal.

Sands’ attorneys also set the stage for their next fight, concerned about whether they would have to pay several yen in legal fees. The ruling signed by Bare included a statement that the attorney’s bill would be processed at a later date, which Sands wanted to be excluded. Sune’s attorneys must put 20 days on the request.

Five years ago, the case’s first trial ended in favor of Suen, $43.8 million, and Suen’s lawyers overturned it in 2010 because of the amount of professional evidence Suen’s lawyers put on record to make their case.

Leave a Reply

Your email address will not be published. Required fields are marked *