Obstinacy has once again been the downfall of Sheldon Adelson. Rather than settle with Chinese businessman Richard Suen, Adelson went to trial not once, but twice (the first verdict having been overturned). In 2008, a Clark County jury determined that Las Vegas Sands owed Suen $44 million — plus interest, for helping Adelson land a casino subconcession in Macao. Sands was able to get that verdict overturned on procedural grounds by the Nevada Supreme Court. So a retrial was held … and Adelson lost even bigger than before. True, Suen’s case — as described in the local papers — was shaky and there were a lot of corny theatrics from the Adelson camp. But the end result was a $70 million award (plus interest) against Adelson. The jurors didn’t even have to reach a unanimous verdict but they did. Now, Sands could pay something to Suen to make this go away. But, oh no. That would be too prudent and expeditious. According to one of Jon Ralston‘s sources, Adelson would appeal even if Suen had only been awarded one dollar. Pride goeth before a fall and, for Sheldon, that’s doubly true. This case could be re-tried until the cows come home and Adelson would lose over and over again. But Sands’ (read: Adelson’s) inability to move on ensures that it will be litigating with Suen for years to come in a hellish spin cycle driven by ego.
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IF I read and followed this correctly, Adelson’s undoing was a fax or email that was sent to Suen saying he would get paid a fee. That, according to my attorney golf buddies, is considered a bidding contract in Nevada.
This will settle once Adelson has passed away – unfortunately.
I think Sheldon lost even more on Newt!
The Adelson properties in Las Vegas are real sights to see but in a sort of corporate facist way. Never, however, have I been tempted to gamble in Venetian or its sister property.
Didn’t Adelson hold up paying for the final touches to the Venetian? He claimed it was inferior work. Was that ever resolved? I guess he can be stubborn.
He lost. However, the damage to the subcontractors had already been done.
You can call ‘Adelson’ a loser. But with his $$ and achievements – and considering where he came from – sorry – he is anything but a ‘LOSER’.
He’s gone against Suen twice and is 0-for-2 so, in that context, he is very much a loser — especially after getting an even more punitive judgment the second time around.
How do you know for sure that Sheldon Adelson did not try and settle out of court for many millions of dollars? Suen is the big loser here – he wanted the whole shebang when it didn’t even have to go to trial. He got very greedy – and so he’ll just have to wait for the appeal, etc. etc. Most people would have settled out of court with gratitude!
Susan:
Mr. Adelson has a history of NOT paying people. (My wife’s company is one of them.)
His refusal to pay the contractors forced many to go bankrupt. He purposefully refused to pay them for their work on the Venetian prior to it opening under the excuse it wasn’t done on time when he himself was the cause of all the delays.
IMHO, Mr. Adelson is an A**H***!
He got what he deserved.