Las Vegas Sands settles lawsuit with former Macau CEO

Macau operator Sands China and parent company Las Vegas Sands Corp have settled a lawsuit filed by a former chief executive.

Steve Jacobs, who headed Sands’ Macau operations from 2009 to 2010 filed a lawsuit after he was wrongfully terminated by Las Vegas Sands in 2010.

Jacobs contended he was wrongfully terminated by Las Vegas Sands in an attempt to cover up a host of improper activities which Jacobs has outlined in other litigation and to government regulators.

Jacobs accused Adelson of questionable activities, including instructing him to secretly investigate senior Macau officials. Adelson denied the allegations last year in court.

According to the Wall Street Journal, which cited a person familiar with the case, Las Vegas Sands is to pay over $75 million to settle the suit.

“Mr. Jacobs dismissed all claims in the Nevada state and federal cases against our controlling shareholder, Las Vegas Sands Corp., the company, our subsidiary Venetian Macau Limited, and Mr. Sheldon Gary Adelson and released all claims as of that date,” said Sands China in a filing to the Hong Kong Stock Exchange.

The case comes on the back of a $2 million fine to settle allegations involving accounting violations in China and AML failures in Las Vegas, which was announced by the Nevada Gaming Control Board last month.

The settlement was related to charges that Sands did not document millions of dollars it paid to an overseas consultant in China, however the operator was not accused of bribery.

More news from this jurisdiction

Macau, ElsewhereThursday, May 18, 2017

Macau-based law firm MdME has announced the launching of its international gaming practice within the Lex Mundi network.

Macau, ElsewhereTuesday, May 09, 2017

MGM China reported a 7 percent gain in net revenue for Q1, driven mainly by an increase in main floor table game revenue due to a higher hold percentage.

Macau, ElsewhereFriday, Jan 27, 2017

Wynn Resorts has reported a 30.5 percent year-on-year rise in net income for the fourth quarter of 2016, attributed to strong revenue from Wynn Palace, and offset by decreased earnings from Wynn Macau.

Macau, ElsewhereFriday, Dec 02, 2016

While Macau’s gaming sector appears poised for long term recovery, the U.S. market will be seen trudging along with flat revenues, says Fitch Ratings.

Macau, ElsewhereTuesday, Nov 15, 2016

MGM Resorts International has secured CLSA’s Aaron Fischer as its senior vice president of corporate development.

Macau, ElsewhereWednesday, May 25, 2016

Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of Wynn Resorts at ‘BB’, with a ‘Stable’ Rating Outlook, according to a press release on Tuesday.

Macau, ElsewhereTuesday, Mar 15, 2016

Equiom’s head of eBusiness and eGaming, Peter Greenhill, will be speaking at the iGaming Asia Congress, taking place from Mar. 21-23 at the Grand Hyatt Hotel in Macau.