World's Third Richest Man Loses Giant Bet

Richard Suen, a 55 year old Hong Kong businessman was recently awarded $43.8 million for his part in assisting in obtaining gambling licenses in Macau.

The Las Vegas Sands Corporation, owners of the Las Vegas and Macau Venetian locations, lost their legal battle against Suen, who exploited his father's government contacts in China to aid the Sands Corporation.

The owner of the Sands Corporation is the renowned resort emperor, Sheldon Adelson, who is reportedly the United States' third richest person, with an estimated wealth of $26.5 billion. At one stage, Suen was Adelson's secretary. Las Vegas Sands hired Suen and his Round Square Company to assist the US colossus in breaking ground in the resort market and Macau gambling, and according to Suen he turned this into a great success.

Suen's testimony claimed that it was meetings he set up in Beijing in July 2001 between officials of the Chinese government and managers of Las Vegas Sands that led to the successful bid for obtaining a license to operate the casinos. 

Adelson claimed that Suen was not successful, resulting in the hiring of the Galaxy Entertainment group for the identical purpose. When the firms obtained the license, they couldn't agree on the plans due to a breakup of the partnership. Las Vegas Sands then received a sub-concession from Macau, resulting in their customer's decision of prior lobbies, according to the Suen's lawyers.

In court, Adelson proposed conflicting testimony in which he told the lawyers that the president and chief operating officer, William Weidner, gave Suen a letter asking for his help in Macau concerning business deals. He later stated that the company had never taken on Suen.

The Las Vegas Sands lawyer announced that the Las Vegas Company would appeal the court's decision.