Sun said the group\u2019s aggregate capital spending in Macau has been US$15 billion, which was largely plowed into the construction and development of new integrated resorts on the Cotai Strip. <\/strong><\/p>\n<\/div>\nThe claim also failed to account for interest payment expenses, taxation-related items, and a host of other hidden costs, Sun added.<\/p>\n
He also noted Venetian Macao had experienced \u201chuge losses\u201d in 2020 and in the first half of 2021, which had not been factored into AAEC\u2019s projected figures.<\/p>\n
Unequal Partners<\/h2>\n
According to court documents, Hao claims LVS would not have been able to successfully negotiate the complex licensing process without his early consultation. He also claims he advised LVS that a Venice-themed casino like the one it had recently opened in Las Vegas would work well in Macau.<\/p>\n
Earlier this week the court heard from David Green, who was part of the consulting team hired by the Macau government to assess the license bids.<\/p>\n
Testifying for the defense, Green said that when bids were being considered, LVS\u2019s experience as a casino operator in Las Vegas vastly outweighed any contribution that could have been made by its local licensing partners.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Taiwanese businessman\u2019s US$12 billion breach of contract claim against LVS Corp is \u201cexaggerated,\u201d 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\u2019s business in Macau. The lawsuit is the […]<\/p>\n","protected":false},"author":36,"featured_media":189163,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,60],"tags":[],"acf":[],"yoast_head":"\n
AAEC\u2019s $12B Lawsuit Against LVS is Overblown, Court Hears<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n