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Las Vegas Sands Loses Appeal over $70 Million Compensation Claim

Las Vegas Sands Loses Appeal over $70 Million Compensation Claim

A businessman from Hong Kong has come one step nearer to collecting a multimillion-dollar award from Las Vegas Sands. Earlier this week a Nevada judge denied Sands’ request to throw out a jury verdict awarding former consultant Richard Suen $70 million in a breach-of-contract case.

Las Vegas Sands Loses Appeal over $70 Million Compensation Claim

Richard Suen came closer to receiving $70 million from Las Vegas Sands after a Nevada court rejected its appeal.

Sands offered 12 reasons why the company should have a retrial however, after hearing the arguments District Judge Rob Bare declined to overturn the decision reached by a jury in June.

It is expected that Sands will appeal to the state Supreme Court.

Suen claimed that he was hired by Sands to find favour with the Chinese government and help the company win a gambling license in Macau. He initially sued Sands in 2004 and a jury found in his favour in 2008 but Sands successfully petitioned for a retrial.

Earlier this year Suen won a second jury trial during which he demanded more money than the first trial. He claims he was promised $5 million and 2% of net casino profits and since 2008 Sands’ profits have exploded.

Sands claimed that it would have won the license without Suen’s help. Sands spokesman Ron Reese said that the company will “absolutely” appeal the decision.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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