Despite recent legal woes caused by a lawsuit brought by his former top executive in Macau, Sheldon Adelson remains bullish on THE Chinese market. “Supply will create the demand, ” Las Vegas Sands’ CEO claimed in New York.
The Billionaire casino mogul goes against the conventional wisdom, claiming more casinos will attract more revenue. His remarks come as the Chinese government is increasingly regulating the gambling business in Macau, resulting in declining revenues for Casino owners.
Adelson has diversified his business interests in Macau by investing in high-end real estate, convention halls, entertainment venues, shopping malls and restaurants. “We are making Macau into another shopping city, ” he told the media on Wednesday.
Meanwhile, Adelson faces a stiff legal challenge in a Nevada District Court. Former Sands China’s CEO Steven Jacobs accuses Adelson and Las Vegas Sands of wrongful termination. Adelson’s attempts to contest US jurisdiction and appeals to move the case to Macau have been rejected by the Court.
The lawsuit additionally charges Adelson with dealing with Macau-based crime syndicates. If that allegation is proven in a court of law, US regulators could have a legal ground to cancel gaming licenses held by Adelson-owned businesses. Adelson denies all of the charges in the lawsuit against him and Las Vegas Sands.
So far, the 81-year-old billionaire has remained defiant during the legal proceedings. He remains upbeat about expanding operations in Macau and apparently looking for a new CEO to replace Steven Jacobs. “I have 10 résumés in my briefcase, ” Adelson said at the news conference.