A lawyer for Las Vegas Sands Corp. said the Chinese government had no part more than 10 years ago in the award of gaming licenses in Macau for the casino operator controlled by billionaire Sheldon Adelson.
Melco Crown Entertainment Ltd., the casino venture between a son of casino mogul Stanley Ho and Australian billionaire James Packer, reported a 56 percent drop in first-quarter profit on financing costs related to its new Macau project.
MGM China Holdings Ltd., a Macau casino venture between MGM Resorts International and casino mogul Stanley Ho’s daughter Pansy Ho, posted a 9.7 percent rise in first-quarter profit as mainland visitors spent more.
Casino companies in Macau, the world’s biggest gambling hub, will gain from expanding family entertainment as the city seeks to become China’s top leisure spot, said Templeton Emerging Markets Group’s Mark Mobius.
Las Vegas Sands Corp. Chairman Sheldon Adelson told a jury a Hong Kong businessman who seeks $328 million over claims he helped the casino operator get a Macau gaming license couldn’t deliver what he promised.
Las Vegas Sands Corp. Chairman Sheldon Adelson returned to the witness stand, saying if he didn’t defend the lawsuit brought by a Hong Kong businessman, there would be a line around the block with people suing him.
Billionaire Stanley Ho said his legal dispute with family members over ownership of their Macau gambling business has been resolved, and he has withdrawn his lawsuit, driving up SJM Holdings Ltd. ’s shares.
Sheldon Adelson told a jury he wasn’t involved in and didn’t authorize an offer that former Las Vegas Sands Corp. President William Weidner made to a Hong Kong businessman for a share of the company’s profit in Macau.