Former Savan Vegas operator wants Laos gov’t to cough up $900M in damages

Lao Holdings N.V. is after the government of Laos once again.

Last week, the former operator of the Savan Vegas Hotel and Entertainment Complex filed three new legal actions against the Laos government, which it claimed violated the settlement agreement the two parties signed in 2014 over the sale of the casino resort.

If you’ll recall, the Laotian government entered into a joint venture with a consortium consisting of Netherlands-registered Lao Holdings and Macau-based Sanum Investments to run the Savan Vegas. Under the partnership, Lao Holdings owned 80 percent of the casino hotel complex, while the remaining 20 percent was under the control of the Laos government.

The government, however, seized the property in 2012, when it claimed that the operators owed $23 million in back taxes. This led to arbitration proceedings, which were settled in June 2014. The settlement required the two companies to sell their interest in exchange for Laos dropping its tax-dodging and criminal bribery charges.