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Stock Market & Financial Investment News

News Breaks
June 30, 2014
17:11 EDTLVSLas Vegas Sands says Macau court dismisses AAEC claims
In a regulatory filing, Las Vegas Sands said as previously disclosed by Las Vegas Sands, on January 19, 2012, Asian American Entertainment Corporation, Limited, AAEC, filed a claim with the Macau Judicial Court against the following subsidiaries of the company: Venetian Macau Limited, LVS (Nevada) International Holdings, Las Vegas Sands, and Venetian Casino Resort and LVSLLC. The claim is for 3.0 billion patacas, approximately $375.7M at exchange rates in effect on June 25 as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the defendants for their joint presentation of a bid in response to the public tender held by the Macau government for the award of gaming concessions at the end of 2001. On September 23, 2013, the U.S. Defendants filed a motion with the Macau Second Instance Court, seeking recognition and enforcement of a U.S. Court of Appeals ruling in a prior similar action filed by AAEC, given on April 10, 2009, the effect of which would be to dismiss AAEC’s claims against the US Defendants.On June 25, 2014, the Macau Court of Second Instance delivered a decision, which gave formal recognition to and allowed enforcement in Macau of the judgment of the U.S. Court of Appeals, dismissing AAEC’s claims against the US Defendants. AAEC has ten days in which to appeal the decision. Subject to any appeal, the US Defendants intend to apply to the Macau Court of First Instance to dismiss AAEC’s claims in full. Venetian Macau Limited had previously been removed as a party to the action. On June 25, the Macau Court of Second Instance delivered a decision, which gave formal recognition to and allowed enforcement in Macau of the judgment of the U.S. Court of Appeals, dismissing AAEC’s claims against the US Defendants. AAEC has ten days in which to appeal the decision. Subject to any appeal, the US Defendants intend to apply to the Macau Court of First Instance to dismiss AAEC’s claims in full. Venetian Macau Limited had previously been removed as a party to the action.
News For LVS From The Last 14 Days
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March 19, 2015
13:00 EDTLVSCasino operators jump after analyst starts with Buy ratings
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10:02 EDTLVSOn The Fly: Analyst Initiation Summary
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March 18, 2015
16:23 EDTLVSLas Vegas Sands initiated with a Buy at Brean Capital
Target $65.
10:00 EDTLVSOn The Fly: Analyst Downgrade Summary
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08:28 EDTLVS, LVSLas Vegas Sands downgraded to Outperform from Buy at CLSA
CLSA downgraded Las Vegas Sands to Outperform and lowered its price target to $60 from $80 as part of Macau sector downgrade to reflect disappointing run rates year-to-date and expectations for more negative newsflow. See sector note for further information.
08:24 EDTLVS, LVSMacau sector downgraded at CLSA
CLSA downgraded the Macau sector given disappointing run rates year-to-date and expectations for more negative newsflow. The firm said the anti-corruption campaign continues to pressure VIP and premium mass customer visits. CLSA now expects 2015 EBITDA growth of -26%, lowered its view of VIP growth to -32% from -14%, reduced mass growth to -17% from -2%, and now expects new Cotai projects ROIC to average only +18, down from +35% previously. As part of the sector view change, the firm downgraded Las Vegas Sands (LVS), MGM Resorts (MGM), and Wynn Resorts (WYNN) to Outperform from Buy.
March 16, 2015
09:37 EDTLVSActive equity options trading on open
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