Multi Million Dollar Lawsuit Between Las Vegas Executives Settled by New Zealand Supreme Court

A multi million dollar lawsuit between Las Vegas Casino executives was settled by the New Zealand Supreme Court on September 22, 2020.

The two Las Vegas casino executives, ormer MGM Resorts International CEO Jim Murren and Daniel Lee, current president of Full House Resorts had invested in the winery and vineyard business called Mahama Estates. Mahama Estates was owned by the former director of the Mandalay Bay Resort Group, Glenn Schaeffer.

The two executives had invested a total of $2.2 million in the business with the intention of becoming partners and shareholders in Mahana Estates.

However much to the annoyance of the two executives, it was discovered in 2015 that their shares in the estate were worthless. They also discovered that Schaeffer had been spending their money as though it were his own.

The matter was taken to the Supreme Court and the verdict provided ordered Schaeffer to pay $2.3 million to the two of his fellow Las Vegas’ casino executives.

Schaeffer was also ordered to pay his former business partners the original investment, plus interest and $2.5k as costs.

According to Court documents Murren stated that, “I would not have invested if I had known the partnership was effectively a shell or a ruse, and that Glenn would instead keep the money and would also keep his own assets and investments in [Mahana] Estates in his own name,” as reported by casino.org.

Mahama Estates was once  the biggest winery-based tourism and hospitality operations in New Zealand but went into administration in 2018.