Casino Magnate and Politician Sheldon Adelson Dies at 87
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According to BusinessDay, billionaire philanthropist Sheldon Adelson is dead. His company Las Vegas Sand in a statement, said the casino magnate died on Monday. He was reported to have suffered from non-Hodgkin’s lymphoma.
Before his death, Adelson was one of the most prominent casino entrepreneurs in the world. Although Adelson had other investments, his brand was synonymous with South African casinos. In early January 2021, Adelson took a leave of absence to attend to his ailment.
Unlike some billionaires, Adelson came from an impoverished background. During an interview with Business Week Magazine in 2000, he said his family was so poor they couldn’t own rags.
Sheldon Adelson and His Sojourn to the Casino World
Sheldon was born to a poor family in 1933. His father was a taxi driver, and when he was 16, Adelson ventured into operating vending machines. His mother managed a knitting store, and at age 12, Adelson sold newspapers.
Adelson had to drop out of City College of New York to serve the Army at some point. After his sojourn in the Army, he attempted to open a lot of businesses. After a while, Adelson ventured into technology trade shows and amassed a fortune. The casino mogul started a computer convention Called COMDEX in 1979. In 1995, Adelson sold his stake for more than $800,000 million.
Meanwhile, in 1989, he bought the Sands Hotel intending to build a convention space, and didn’t think of gambling at the time. However, he had a little interest in gambling at Macao, an island in China where gambling was legal. His business in Macao became even bigger than his investments in the Sands Hotel.
Las Vegas Sands and Sheldon Adelson
In 2019, the Las Vegas Sands casino founded by Adelson revenue was estimated at $13.7 billion. The casino has a convention center, casinos, hotels, and other side attractions. Before his death, Adelson was the chairman and chief executive officer of the company. He controlled more than half of Las Vegas Sands’s shares.
When Adelson sold his stake at COMDEX in 1995, he plowed most of his money into the casino games online business. His major interest in buying the Sands Hotel and Casino 1989 was to build a convention center to host COMDEX. However, after 10 years, he demolished the entire structure and erected what is known as Las Vegas Sands today. Other key officers at Las Vegas Sands are:
Rob Goldstein – President and chief operating officer
Patrick Dumont – Executive Vice President and chief financial officer
D. Zachary Hudson – Executive Vice president and general counsel
Rob Goldstein has been a part of the Las Vegas Sand since 1995. He renewed his contract recently with the company to elapse in 2024. Also, Goldstein was in charge of the company when Adelson took his leave in early January.
Adelson’s Achievement Outside the Casino Industry
Politically, Adelson was very active and also respected. He was a member of the Republican Party. Although there is no record of him contesting elections, Adelson was one of the highest Republican Party donors. During the 2020 elections in the US, Adelson and his wife donated a whopping USD218m to support Republican candidates.
Also, Adelson was a great philanthropist. In a condolence speech by Israeli Prime Minister Netanyahu, he said the Jewish nation had lost a notable philanthropist. Adelson donated immensely for various medical researches. He also gave donations to the treatment of substance abuse.
Adelson also owns a newspaper house in Israel called “Israel HaYom”. The newspaper is one of the most read in Israel to date.
Sheldon Adelson Move to Macau
Moving some of his businesses to Macau was Adelson’s most successful bet. In 1999, Adelson was given the right to establish the Sand Macao. It was the city’s first Las Vegas themed kind of casino. When the casino opened in 2004, Adelson recovered all the monies spent on constructing the venue after one month. Currently, Adelsons owns at least four casinos in Macau.
Furthermore, the revenue generated from Macau exceeded what he got from Las Vegas Sands. Based on this, Adelson expanded his business to Singapore, where he established the Marina Bay Sands hotel. Also, before his death, Adelson has been pressing to open a casino in Japan.
The Future to Adelson’s Casino Investments?
Adelson had, before his death, set in place a formidable team that will run the casinos. For instance, Goldstein has been part of the business for more than two decades. Meanwhile, other top officers like D. Zachary Hudson and Patrick Dumont are professional in their fields.
With the children owning more than 57 percent shares in their business, Adelson’s legacy will continue. Adelson’s net worth was estimated to be worth $33.4 billion by the Bloomberg Billionaires Index. A press release by Las Vegas Sands said Adelson would be laid to rest in Israel, and burial arrangements would be made public.