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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 3, 2015
06:44 EDTLVSMacau gambling revenue fell 49% in February, NY Times reports
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06:43 EDTLVSMacau reports February casino revenue down 48.6% to 19.54B patacas
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February 27, 2015
09:35 EDTLVSNevada reports January statewide gaming win up 7.75% to $952.7M
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February 26, 2015
08:29 EDTLVSDeutsche cuts 2015 Macau growth forecast to down 21.4%
Deutsche Bank lowered its 2015 Macau gross gaming revenue forecast to down 21.4% from down 8.4% saying the demand issues will not be solved by expanding capacity. The firm's confidence in a Macau turnaround remains "muted," but it continues to view shares of MGM Resorts (MGM) as "meaningfully undervalued." It views Buy-rated Wynn Resorts (WYNN) as better suited for longer term investors at this stage, and lowered its price target for the stock to $170 from $176. Deutsche also cut its price target for Hold-rated Las Vegas Sands (LVS) to $49 from $53.
February 25, 2015
09:36 EDTLVSActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL HPQ PBR FSLR MRVL TSLA LVS ABX TWTR MGM
February 24, 2015
09:52 EDTLVSMacau to review mainland’s individual visit scheme, Macau Business Daily says
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