Investors Are Sueing Las Vegas Sands

Two Las Vegas Sands Corp. shareholders have filed a
lawsuit against the company’s chairman Sheldon Adelson claiming that
“gross mismanagement” caused suspension of its casino construction
projects in Macau, Singapore, Pennsylvania and Las Vegas.

The National Law Journal in the United
States adds the suit was filed on 26 November in Nevada’s Clark County
District Court by named plaintiffs Shmyer Breuer and David Barfield.

Their suit alleges “grossly imprudent risk-taking in
spending the company too thin with numerous and simultaneous casino
construction projects in Macau, Singapore, Pennsylvania and Las Vegas.”

Judge Mark R Denton is listed on the court’s website
as due to hear the case, though no date has yet been set for a hearing
according to the online records.

The company announced in November it was halting
construction on two sites on The Cotai Stripâ„¢ in Macau. As a result, up
to 11,000 construction workers sub contracted to the project were laid
off.

LVS auditor PricewaterhouseCoopers issued a warning
in mid-November about the health of the company but lifted it after the
firm raised US$2.1 billion in capital.

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