Casino giant Las Vegas Sands (LVS) appears to have paid US$96 million to settle its 15-year court case with Hong Kong businessman Richard Suen in March.
The figure, listed as a “nonrecurring legal settlement”, formed part of the company’s 1Q19 earnings report this week which saw LVS’ income decline 54% to US$744 million. Both LVS and Suen had previously refused to reveal the final settlement amount, reached at the start of proceedings on day two of a Nevada 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 the civil hearing had seen Suen’s lawyers ask for a massive US$347 million payout.