LVS CEO, Sheldon Adelson, vigorously denies allegationsJuly 09, 2012 8:21 PM by Ray Poirier
Allegations that he was promoting prostitutions at his Macau casino or that he violated the Foreign Corrupt Practices Act (FCPA) were vigorously denied by billionaire Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp. (LVS) in an interview with Steven Bertoni of Forbes.
The allegations were made by former Sands China executive Steve Jacobs in a lawsuit filed against his former employer.
“There isn’t a shred of evidence,” said Adelson. “I’ll bet anyone a thousand to one that there will be no fire under the smoke that he’s (Jacobs) blowing. I f someone wants to put up a million they can hope to win one billion – but that won’t happen because there isn’t a breach of FCPA. Not even a hint,” said Adelson defiantly.
In his latest court filing, Jacobs charges that the Sands is withholding thousands of documents from the court, including emails that outline a formal strategy to promote prostitution (which is legal in Macau) and loan sharks in its Macau casinos.
Adelson responds that Jacobs is using court documents to publicly embarrass and vilify both him and the company.
It will be Paris in Macau when Sands China Ltd., the division of Las Vegas Sands Corp. (LVS), completes its $2.7 billion integrated resort on the Cotai Strip. Approval to complete the project was given by the Macau government Monday morning.
Louisiana’s 14 riverboats, four racetrack casinos and Harrah’s land-based casino brought in nearly $243.4 million in November. That’s 4.3 percent worse than the $254.4 million the gambling halls won the year before.
Caesars Entertainment Corporation (CZR) took a significant step toward a bankruptcy of its biggest unit that would allow the struggling casino operator to quickly shed about half of its debt.
The new casinos coming to upstate New York won’t open for at least a few years, but there are already winners and losers as the state expands into Las Vegas-style gambling.
The Oneida Indian Nation plans to open a $20 million casino with a “Wizard of Oz” theme in the village where author L. Frank Baum was born, the Oneidas confirmed Sunday.