Las Vegas Sands has settled with Hong Kong businessman Richard Suen for an undisclosed amount, bringing to an end a lengthy legal battle that had lasted more than a decade.
The settlement was announced at the start of proceedings on day two of a civil suit hearing to determine how much LVS should pay Suen for services rendered in Macau. Suen sued the gaming giant for breach of contract, claiming he played a key role in helping the company win its highly lucrative Macau gaming concession in 2002.
Juries had twice previously found in favor of Suen, to the tune of US$44 million in 2008 and US$70 million five years later, but LVS appealed on both occasions. Day one of last week’s civil hearing had seen Suen’s lawyers ask for a massive US$347 million payout.
Although details of the settlement remain a secret for now, Suen’s attorney John O’Malley told US-based gaming industry news outlet CDC Gaming Reports, “We’re very pleased to have this case finally resolved after 15 years. We can’t talk about the amount. This settlement completely resolves the litigation.”