Sands China Ltd., the casino operator controlled by billionaire Sheldon Adelson’s Las Vegas Sands Corp., said a Macau company filed a compensation claim of 3 billion patacas ($375 million) against its subsidiary and three other companies.
Asian American Entertainment Corp., which filed the claim with the Macau judicial court, is seeking compensation for damages resulting from the alleged breach of agreements related to a bid for the Macau government’s award of gaming concessions in 2001, Sands said today in a statement to Hong Kong’s stock exchange.
Sands’ subsidiary Venetian Macau S.A. as well as LVS (Nevada) International Holdings Inc., Las Vegas Sands LLC and Venetian Casino Resort Hotel LLC were the four companies named in the claim, according to the statement.
The claim relates to events that occurred before the subsidiary, the Venetian Macau, was incorporated in June 2002, Sands said, without disclosing details. Sands China spokeswoman Mabel Wu declined to comment further.
New York Times reported on March 13 that Asian American Entertainment was Sands’ former partner controlled by the Taiwanese businessman Shi Sheng Hao. The company accused Sands of improperly breaking off a 2001 agreement to bid for a Macau casino license, the report said, citing a court filing.
Sands China shares were unchanged at HK$30.75 in Hong Kong trading as of 3:22 p.m, while the benchmark Hang Seng Index gained 0.1 percent.