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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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September 2, 2014
07:02 EDTLVSMacau reports August casino revenue down 6.1% to 28.88B patacas
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August 28, 2014
09:32 EDTLVSNevada reports July statewide gaming win up 0.65% to $931.8M
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August 26, 2014
07:26 EDTLVSMacau estimates lowered at Morgan Stanle
Morgan Stanley lowered Macau 2014 growth estimates to 6% from 12% and 2015 to 11% from 12.5% due to expectations for VIP trends to continue to deteriorate given the China macro impact and notes slowing mass growth rates.
05:50 EDTLVSLas Vegas Sands receives construction permit for Parisian Macao
Las Vegas Sands announced that the company has received the government permit needed for construction on the $2.7B Parisian Macao to resume this week. The company said additional permits will be necessary as the development continues, but after undergoing a brief work stoppage, this approval enables work on the critical podium structure to restart immediately.

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