The Nevada Supreme Court has ruled that meetings with Chinese government officials helped Las Vegas Sands secure a casino concession in Macau, TDM reports.
However, the court overturned a $70 million judgement against Sands, which was brought by businessman Richard Suen, who claimed his efforts led to the operator ultimately obtaining its concession.
While the judges ruled that he had indeed helped Sands arrange meetings with Vice Premier Qian Qichen and Beijing mayor Liu Qi, they also felt that there was insufficient evidence to support the value of Suen’s services amounted to $70 million.
“After the parties met, Suen and his associates set up meetings in Beijing between Sheldon Adelson, Sands chairman and chief executive officer; William Weidner, Sands former president; and high-ranking officials from the PRC,” the court said, adding that: ” Weidner testified he wanted to meet Qian so he could capitalize on Suen’s group’s “guanxi” (connections) and obtain an advantage in the bidding process”.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.