There’s not much point in commenting on the panic-selling yesterday due to concerns over radiation leaks in Japan. We cannot yet see how it will affect China or Macau. What we can see is how the latest turn in the Steve Jacobs case will affect Macau, so let’s focus on that.

Yesterday could not have been a good day for Sheldon Adelson, as his former Macau CEO appeared in court with lawyers and shred the Las Vegas Sands defense against his lawsuit for wrongful termination. The judge took little over an hour to hear enough arguments before deciding that Jacobs was correct, the case deserves to be tried in Las Vegas.

For those of you who are just tuning into this drama series, the situation is this: Jacobs filed his suit in Las Vegas, and LVS tried to get it thrown out on the grounds of jurisdiction, saying he was hired in Macau. Jacobs produced reams of evidence to show that Adelson runs the entire group, including LVS, Marina Bay Sands, and Sands China, from his Vegas headquarters.

This much was, to be frank, a no-brainer.

The more interesting question is what comes next. Yesterday’s proceedings were filmed, against LVS objections, and will be seen by anyone with an interest in this case, regardless of whether they live in New York or Beijing. Could the real-life imagery of the protagonists and antagonists sway decision-making by political players who might otherwise have looked at the wire reports and shrugged?

Perhaps more importantly, we have to wonder what the US federal and state regulators must be thinking right now about how to proceed with their own enquiries into some of the allegations raised by Jacobs. They obviously wouldn’t want to be rushed in their investigations by the knowledge that details of how LVS operates in Macau are about to be aired in public.

And what of the Jacobs legal team? What more do they have in their ammo bag? This hearing and the filings that led up to it were only about jurisdiction. It would be hard to believe they don’t have much, much more in reserve for when the real shooting starts in this case.

Indeed, there is plenty more to come. Stay tuned.

Used with permission & copyright IntelMacau