TJB accepts Hao’s request to increase compensation from LVS

The Court of First Instance (TJB) has ruled in favor of the former business partner of the Las Vegas Sands Corporation, Marshall Hao’s Asian American Entertainment Corporation (AAEC), in a request to have the compensation amount raised.
Hao called for an increase in the amount claimed against the Venetian Macau Ltd. and three U.S.-based subsidiaries of Las Vegas Sands, including LVS (Nevada) International Holdings Inc., Las Vegas Sands LLC and Venetian Casino Resort LLC. The case is currently being examined in the Macau courts.
According to documents reviewed by the Times, the judge decided on Wednesday that the increases in compensation requested by Hao through AAEC is “acceptable” in light of the arguments presented by AAEC, disregarding LVS’s opposition to them.
Hao has provided the court with “proof of the profits obtained by the defendant” between 2004 and 2018, which results in a total of MOP96.5 billion (around $12 billion) in compensation related to the granting of the gaming concession in Macau.
The AAEC had requested changing the original amount claimed (around MOP3 billion) to the almost MOP100 billion in July this year, as well as to reserve the right to claim for further lost profits up to mid-2022 when the concession is due to expire.
The lawyer representing AAEC in the case, Jorge Menezes, said to the Times that, “I can only confirm that the court decided in favor of our request to increase the claim to the amount you have cited.” He declined to comment any further on the content of the case.
This acknowledgment means that the compensation amount has now been updated and that the trial, scheduled to start this Wednesday, will be conducted under these conditions.