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The Macau Metro Monitor, April 25, 2011

LAS VEGAS SANDS STEPS UP COUNTERATTACK AGAINST FORMER EXECUTIVE Las Vegas Sun

Last week, Las Vegas Sands filed a counterclaim against Steve Jacobs which alleges the following:

  • Jacobs threatened to go public with allegations that Adelson had bribed or attempted to bribe Macau's CEO unless he was paid money to which he was not entitled.  Jacobs knew these statements were false and that they were made recklessly and with malice "in furtherance of his scheme to extort money to which he was not entitled.
  • Jacobs violated a noncompetition agreement Sands China had entered into with its parent Las Vegas Sands in which Sands China was prohibited from involvement in any gaming business outside of a "Restricted Zone" that included the People’s Republic of China, Macau, Hong Kong and Taiwan.  He violated this agreement by publicly announcing Sands China would be pursuing casino businesses outside of the restricted zone in Japan and elsewhere.  Furthermore, LVS claimed Jacob's Japan disclosure hurt its "prospective business relationship with necessary 3rd parties in development of the Japanese market."
  • Without the authorization from Sands China's board, Jacobs commissioned an investigative report by consulting firm International Risk Ltd. regarding Macau public officials, a report which he kept at his home.
  • Jacobs refused to end gambling junket contracts with crime figures such as Cheung Chi Tai (CCT) even when told to do so by Michael Leven and Adelson.

With no settlement in sight, attorneys for both sides filed a status report with the court indicating they’re proceeding toward a June 2012 trial on Jacobs’ lawsuit.

SANDS AWAITING COTAI SNUB APPEAL DECISION Sands China, Macau Daily Times

According to Sands China's 2010 annual report sent to the HK Stock Exchange, Sands China is still waiting for the Court of Second Instance to make a decision over its appeal of the Macau government's decision to reject its application for Sites 7 & 8.  Sands also mentioned, “Should we win our appeal, it is still possible for the Chief Executive of Macau [Fernando Chui Sai On] to again deny the land concession based upon public policy considerations.”

SINGAPORE'S MARCH CPI UP 5% ON-YEAR, 0.1% ON-MONTH Channel News Asia

S'pore CPI rose 5% YoY and 0.1% MoM in March, in-line with forecasts.  The Department of Statistics (DOS) said the higher costs of housing, clothing and footwear, as well as "recreation and others" was partially offset by the lower cost of transport.