Inside Asian Gaming

INSIDE ASIAN GAMING | May 2011 34 Feature W hat sort of valuation headwinds could Las Vegas Sands Corp (LVS) face from the many legal actions and counter actions stemming from Steve Jacobs’ dismissal as CEO of Sands China last year? The ‘main show’ so to speak is the various investigations by US federal authorities against LVS.That’s where the bulk of the regulatory and balance sheet risk lies. The ‘side show’ is the smaller-scale but at times highly personal fight directly between Mr Jacobs and his ex- employer. But given that mud slung in the side show act has been credited with sparking the feds’inquiry, the two things have become inextricably linked. If the federal investigations come to nothing, then that will arguably strengthen LVS’s hand in its litigation with Mr Jacobs. One thing seems clear. With each week that passes, the waters seem to be getting increasingly muddied with suit and counter suit between Mr Jacobs’ side and LVS. The grounds on which the sides are fighting have also been modified over time. Counter Measures The battle between Steve Jacobs and his former employer LVS looks set to run and run