Wynn doubtful of claims against Adelson
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15 May 2011
9:13 a.m.
Las Vegas Sands CEO Sheldon Adelson.
Steve Wynn
Steve Wynn is expressing skepticism about claims of wrongdoing against fellow Las Vegas gaming captain Sheldon Adelson.
Wynn told the Wall Street Journal for a story Sunday that he doubts the claims against Adelson and Adelson’s Las Vegas Sands Corp. leveled by Adelson’s fired Macau CEO Steven Jacobs.
Jacobs, in a Las Vegas lawsuit last year, claimed he was fired after refusing to go along with Adelson’s demands that he use improper leverage in working with Macau government officials, that he investigate Macau officials to find negative information to use against them and that he use a specific Macau attorney despite concerns this could risk violations of the Foreign Corrupt Practices Act.
"Is he the kind of guy that would go say 'go blackmail the politicians'? Nah. I don't believe it. That's making him out to be a moron. It's not on the cards," Wynn told the Journal for its Macau-datelined story.
Wynn added of his rival, Adelson: "You may take issue with his style but you can't take issue with his accomplishments."
Wynn told the Journal he doesn’t want to be seen as taking sides on the Jacobs lawsuit issue, which he said was causing "great concern with regulators."
Las Vegas Sands has disclosed it’s being investigated by the U.S. Securities and Exchange Commission and the U.S. Justice Department.
The SEC probe involves Sands’ compliance with the Foreign Corrupt Practices Act, an anti-bribery statute. The Justice Department is believed to be looking into the same issues.
Las Vegas Sands’ directors have been sued by shareholders over the issue, while Hong Kong securities regulators are conducting their own probe of subsidiary Sands China Ltd.
Wynn told the Journal that his company, Wynn Resorts Ltd., which operates in Las Vegas and Macau, is not involved in any of the investigations.
"We've never been investigated by anyone and have no risk of any kind whatsoever,’’ said Wynn, chairman and CEO of Wynn Resorts.
Las Vegas Sands, Sands China and Adelson, in the meantime, have filed renewed motions to dismiss Jacobs’ lawsuit pending in Clark County District Court.
They say Jacobs was fired for cause last year for violating company policy and being slow to end a relationship with a Chinese gambling junket operator linked to organized crime — and that since his firing he’s engaged in extortion by seeking payments from Las Vegas Sands in exchange for not disclosing negative information .
In one of the latest court filings, attorneys for Adelson personally are seeking dismissal of Jacobs’ claims that Adelson and Las Vegas Sands defamed him when Adelson told the Journal that Jacobs had been fired for cause and had resorted to "outright lies and fabrications’’ against Adelson and the company.
"Relying on the litigation privilege to shield him from liability for defamation, Jacobs ornamented his (lawsuit) claims with sensational libelous statements about Adelson that he knew would attract the interest of the media and regulatory authorities and antagonize Adelson,’’ the May 3 motion to dismiss says, adding Adelson’s statement also is protected by the litigation privilege.
"By attacking Sheldon Adelson personally, by accusing Adelson of illegal conduct, Jacobs invited and consented to the response he provoked: Adelson’s contrary opinion,’’ said the filing by attorneys for Adelson with the Las Vegas law firm Morris Peterson.
Attorneys for Jacobs, who prevailed in the first round of dismissal motions, have not yet responded to these latest filings by Las Vegas Sands, Sands China and Adelson.
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Wasn't aware the Wynn was a lawyer. But then again, I forgot he's an expert on everything and is revered as the Burning Bush of Las Vegas.
Wynn and the rest of these birds who've been doing business in Macau ought to be worried about where this case will lead. If the Justice Department gets involved and begins scrutinizing what's been going on over there it could mean curtains for a lot of gaming executives.
Coming from Mr. Wynn, this should carry a lot of weight. He should know. He went through the same process in Macau and It's unlikely that Mr. Adelson and Sands would do a stupid thing to jeopardize their multi-billion business in Macau.
Mr. Jacob's accusations has done a lot of damage for the industry. I hope that the investigation clears Sands from the accusation.
Although Mr. Wynn is saying that Wynn casino is not being investigated in any way, I'm sure that his business is being looked at.
These accusations are not good for the industry and it will affect all American businesses in other parts of the world.
Wynn is absolutely correct. This guy Jacobs was terminated for cause. He is suing Mr. Adelson for no apparent legitimate reason and this sounds like a shakedown to me. Jacobs can try to get a job as a valet at one of the casinos but he is a bum and I wouldn't want him touching my car.
Might as well ask Santa Claus.
Reading the headline, I figured this story had a juicy rant from SW. Naaah! Nothing controversial. All Steve said is that the lawsuit has stirred up a lot of regulatory investigation, and that from what he knows doing business in Macau, that he doubts the allegations against Adelson.
Time will tell.
It's obvious that Adelson is a 'get it done' type of guy, while he's become pretty well 'scripted out. Consider who his wife is, and contemplate what key role she plays in his life. Steve Wynn simply doesn't want want Sheldy's situation to escalate, because that is going to make his business more difficult. Yet, in the immense design of things, I've got a feeling that Sheldon's day of reckoning is forthcoming. Good.
another member of the republican jewish association has his say.
Could it be that Wynn is just trying to get out in front of his own investigation?
He must be bummed that all that money he gave to Ensign was for naught.