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 Strip™ 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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