The $12B Breach of Contract Claim Against LVS is Overblown, Court Hears

October 18, 2021 Crime & Legal

A Taiwanese businessman’s US$12 billion breach of contract claim against LVS Corp is “exaggerated,” according to Sands China CFO Sun MinQi.

As reported by GGRAsia, Sun told a Macau courtroom Friday the figure had been arrived at by faulty accounting, and did not reflect the reality of LVS’s business in Macau.

The lawsuit is the longstanding case brought against LVS by Marshall Hao, whose Asian American Entertainment Corp Ltd (AAEC) partnered with the US casino giant when it was looking to enter Macau 20 years ago.

In 2001, LVS and AAEC submitted a joint bid for a Macau gaming licensing. This was shortly after the Chinese special administrative region’s government opted to liberalize the previously monopolistic casino market.