Sheldon Adelson
Sheldon Gary Adelson was an American businessman, investor, and political donor. He was the founder, chairman and chief executive officer of Las Vegas Sands Corporation, which founded the Marina Bay Sands luxury resort in Singapore, and the parent company of Venetian Macao Limited, which operated The Venetian Las Vegas and the Sands Expo and Convention Center. He owned the Israeli free daily newspaper Israel Hayom, the Israeli weekly newspaper Makor Rishon, and the American daily newspaper the Las Vegas Review-Journal.
Adelson created the Adelson Foundation in 2007, a private charity focusing on healthcare and support of Israel and the Jewish people. He was a major contributor to Republican Party candidates and was often dubbed a "kingmaker" due to the size and frequency of his donations. He was Donald Trump's largest donor in 2016 and 2020, providing the largest donation to Trump's 2016 campaign, his presidential inauguration, his defense fund against the Mueller investigation into Russian interference, and his 2020 campaign. He was also a major backer of Israel's prime minister Benjamin Netanyahu.
In 2020, Forbes listed his net worth as US$29.8 billion.
Early life
Adelson was born on August 4, 1933, and grew up in the Dorchester neighborhood of Boston, the son of Sarah and Arthur Adelson. He was Jewish. His father's family was of Ukrainian Jewish and Lithuanian Jewish ancestry. His mother emigrated from England, and Adelson said that his grandfather was a Welsh coal miner. His father was a taxi driver, and his mother ran a knitting shop.He began his business career at the age of 10 when he borrowed $200 from his uncle and purchased a license to sell newspapers in Boston. In 1948, at the age of 15, he borrowed $10,000 from his uncle to start a candy vending-machine business. He attended the City College of New York, but did not graduate. He attended trade school in a failed attempt to become a court reporter, then joined the United States Army.
After being discharged from the army, he established a business selling toiletry kits, then started another business, De-Ice-It, which marketed a chemical spray that cleared ice from windshields. In the 1960s, he started a charter tour business. He soon became a millionaire, although by his thirties he had built and lost his fortune twice. Over the course of his business career, Adelson created almost 50 businesses, making him a serial entrepreneur.
Business career
COMDEX
In the late 1970s, Adelson and his partners developed the COMDEX trade shows for the computer industry, beginning in 1979. It was one of the largest computer trade shows in the world through much of the 1980s and 1990s.In 1995, Adelson and his partners sold the Interface Group Show Division, including the COMDEX shows, to SoftBank Group of Japan for $862 million; Adelson's share was over $500 million.
Sands Casino
Las Vegas, Nevada
In 1988, Adelson purchased the Sands Hotel and Casino in Las Vegas for $110 million. The next year, he and his partners built the Sands Expo and Convention Center, then the only privately owned and operated convention center in the U.S.In 1991, while honeymooning in Venice with his second wife, Miriam, Adelson came up with the idea for a mega-resort hotel. He razed the Sands and spent $1.5 billion to construct The Venetian, a Venice-themed resort hotel and casino, which opened on May 3, 1999.
Bethlehem, Pennsylvania
In the late 2000s, Adelson and the company built a casino resort in Bethlehem, Pennsylvania. It is one of five stand-alone casinos that were awarded a slots license by the Pennsylvania Gaming Control Board in 2006. The casino opened May 22, 2009.In 2010, during the Great Recession, Adelson told The Wall Street Journal "If it were today, we probably wouldn't have started it."
In 2019, the Las Vegas Sands Corp. sold the Bethlehem casino for $1.3 billion to Alabama-based Wind Creek Hospitality. The new owner, Wind Creek Hospitality, is owned by the Poarch Band of Creek Indians. The casino's new name is the Wind Creek Bethlehem.
Macau
Adelson led a project to bring Las Vegas Sands casinos to Macau. The Sands Macao became China's first Las Vegas-style casino when it opened in May 2004. He recovered his initial $265-million investment in one year and, because he owned 69% of the stock, he increased his wealth when he took the stock public in December 2004. Following the opening of the Sands Macao, Adelson's personal wealth multiplied more than fourteen times.In August 2007, Adelson opened the $2.4 billion Venetian Macao Resort Hotel on Cotai and announced that he planned to create a massive, concentrated resort area he called the Cotai Strip, after its Las Vegas counterpart. Adelson said that he planned to open more hotels under brands such as Four Seasons, Sheraton, and St. Regis. His Las Vegas Sands planned to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010.
Adelson's company was reportedly under federal investigation over alleged violations of the Foreign Corrupt Practices Act relating to payments made to a Macau lawyer. In 2015, Sands agreed to pay a $9 million settlement with the Securities and Exchange Commission, which included no admission of wrongdoing.
Marina Bay, Singapore
In May 2006, Adelson's Las Vegas Sands was awarded a hotly contested license to construct a casino resort in Marina Bay, Singapore. The new casino, Marina Bay Sands, opened in 2010 at a rumored cost of $5.5 billion.In 2010, when it opened, at a total cost of S$8 billion including land cost, the Marina Bay Sands Complex of Singapore was the most expensive building in the world, ranking over the new development of World Trade Towers in Manhattan of New York and the Burj Khalifa of Dubai.
MBS Singapore includes stores at "The Shoppes", an ultraluxury indoor Venetian canal-lined exclusive shopping belt with tenants such as Ferrari, Chanel, the Theatre of Marina Bay and Convention Center for Sands Live concert series, multiple swimming pools, a rooftop infinity pool, night clubs in Maison pavilions on newly constructed mini islands, and 2,500 luxury hotel rooms.
Eurovegas
In 2012, Adelson proposed a hotel-casino complex in Europe, later narrowing it to Alcorcón, Madrid, Spain. The project was expected to create 250,000 jobs at a time when the Spanish unemployment rate stood at 27%. The project was cancelled in 2013 due to disagreements with the Spanish government over gambling taxes and smoking laws.Other activities
Israeli press
In 2007, Adelson made an unsuccessful bid to purchase the Israeli newspaper Maariv. When this attempt failed, he proceeded with parallel plans to publish a free daily newspaper to compete with Israeli, a newspaper he had co-founded in 2006 but had left. The first edition of the new newspaper, Israel Hayom, was published on July 30, 2007. On March 31, 2014, Adelson received the go-ahead from a Jerusalem court to purchase Maariv and the conservative newspaper Makor Rishon. In 2016, Adelson's attorney announced that he does not own Israel Hayom, but that it is owned by a relative of his.According to a Target Group Index survey published in July 2011, Israel Hayom, which unlike all other Israeli newspapers is distributed for free, became the number-one daily newspaper four years after its inception. This survey found that Israel Hayom had a 39.3% weekday readership exposure, Yedioth Ahronoth 37%, Maariv 12.1%, and Haaretz 5.8%. The Yedioth Ahronoth weekend edition was still leading with a 44.3% readership exposure, compared to 31% for the Israel Hayom weekend edition, 14.9% for Maariv, and 6.8% for Haaretz. This trend was already observed by a TGI survey in July 2010.
In 2011, the Israeli press said that Adelson was unhappy with the coverage on Israeli Channel 10 alleging he had acquired a casino license in Las Vegas inappropriately through political connections. The channel apologized after Adelson threatened a lawsuit. This led to the resignations of the news chief, Reudor Benziman; the news editor, Ruti Yuval; and the news anchor, Guy Zohar, who objected to the apology. After two months of deliberations, the Israeli Second Authority for Television and Radio ruled that although there were some flaws in the manner in which the apology had been conducted, the decision to apologize had been correct and appropriate.
''Las Vegas Review-Journal''
In December 2015, Adelson purchased the Las Vegas Review-Journal newspaper. The purchase was made through a limited liability company called News + Media Capital Group LLC and his involvement with the deal was initially kept secret. A week after the purchase was announced, three Review-Journal reporters revealed that the deal had been orchestrated by Adelson's son-in-law Patrick Dumont on Adelson's behalf. Commentators described the $140 million paid for the paper as "lavish" and as a dramatic overpayment, and speculated that the move was a power play to further Adelson's business or political agendas.Within a few weeks the paper's editor stepped down in a voluntary buyout. In January 2016, a set of editorial principles were drawn up and publicized to ensure the newspaper's independence and to deal with possible conflicts of interest involving Adelson's ownership. In February Craig Moon, a veteran of the Gannett organization, was announced as the new publisher and promptly withdrew those principles from publication. He also began to personally review, edit, and sometimes kill stories about an Adelson-promoted proposal for a new Las Vegas football stadium. In the months since, reporters say that stories about Adelson, and particularly about an ongoing lawsuit involving his business dealings in Macau, have been heavily edited by top management.
Many reporters and editors left the newspaper citing "curtailed editorial freedom, murky business dealings and unethical managers." All three reporters who originally broke the story about Adelson's ownership have left. Longtime columnist John L. Smith, who had often written about Adelson and had been unsuccessfully sued for libel by him, resigned after he was told he could no longer write anything about Adelson.
The Las Vegas Review-Journal was the first major newspaper nationwide to endorse Trump in 2016.