LVS CEO, Sheldon Adelson, vigorously denies allegations

July 09, 2012 8:21 PM

More Casino Industry ArticlesAllegations that he was promoting prostitutions at his Macau casino or that he violated the Foreign Corrupt Practices Act (FCPA) were vigorously denied by billionaire Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp. (LVS) in an interview with Steven Bertoni of Forbes.

The allegations were made by former Sands China executive Steve Jacobs in a lawsuit filed against his former employer.

“There isn’t a shred of evidence,” said Adelson. “I’ll bet anyone a thousand to one that there will be no fire under the smoke that he’s (Jacobs) blowing. I f someone wants to put up a million they can hope to win one billion – but that won’t happen because there isn’t a breach of FCPA. Not even a hint,” said Adelson defiantly.

In his latest court filing, Jacobs charges that the Sands is withholding thousands of documents from the court, including emails that outline a formal strategy to promote prostitution (which is legal in Macau) and loan sharks in its Macau casinos.

Adelson responds that Jacobs is using court documents to publicly embarrass and vilify both him and the company.