The Macau Metro Monitor, October 22nd 2010
STEVEN JACOBS FILES LAWSUIT AGAINST LAS VEGAS SANDS Las Vegas Review Journal
Jacobs claimed LVS breached his employment contract and owes him millions of dollars in salary, bonuses, and stock options. Mr. Jacobs' attorney, Don Campbell, wrote that Adelson told Jacobs to use "improper leverage against senior government officials of Macau" in order to obtain title to apartments. Jacobs also alleges that Adelson told him to "threaten to withhold Sands China business from prominent Chinese banks unless they agreed to use influence with newly elected senior government officials of Macau in order to obtain favorable treatment with regards to labor quotas and table limits."
The court papers also allege that Adelson ordered that "secret investigations be performed regarding the business and financial affairs of various high-ranking members of the Macau government so that any negative information obtained could be used to exert 'leverage' in order to thwart government regulations/initiatives viewed as adverse to LVSC's interests."
"While Las Vegas Sands normally does not comment on legal matters, we categorically deny these baseless and inflammatory allegations," said Sands spokesman Ron Reese. "From here on out, we will let the process work its way through the appropriate legal system."
LEASING OF MACAU'S 'THE WATERSIDE' PICKS UP PACE macaubusiness.com
The Macau Property Opportunities Fund announced that its ‘The Waterside’ project, in One Central, currently has an occupancy of 35%. The fund said leasing activity at 'The Waterside' continue to be strong as market conditions strengthen.
PRIVATE RESIDENTIAL PRICES RISE 2.9% IN Q3 Channel News Asia
The Urban Redevelopment Authority (URA) showed that overall private residential prices in Q3 rose 2.9% QoQ from the second quarter, a sharp decline from the 5.3% growth in the previous three months. Estimates were for 3.1% growth.