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Sheldon Adelson

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Sheldon Adelson
Adelson after receiving theWoodrow Wilson Awards
Born
Sheldon Gary Adelson

(1933-08-04)August 4, 1933
Boston,Massachusetts,U.S.
DiedJanuary 11, 2021(2021-01-11)(aged 87)
Malibu,California,U.S.
Resting placeMount of Olives,Jerusalem[1]
EducationCity College of New York
Occupation(s)Founder, Chairman andCEOofLas Vegas Sands
Political party
Spouses
  • Sandra Adelson (1970s–1988)
​
(m.1991)​
Children5

Sheldon Gary Adelson(August 4, 1933 – January 11, 2021) was an American businessman,[2]investor,political donor,andphilanthropist.[3][4][5]He was the founder, chairman andchief executive officerofLas Vegas SandsCorporation, which owns theMarina Bay SandsinSingapore,and the parent company of Venetian Macao Limited, which operatedThe Venetian Las Vegasand theSands Expo and Convention Centerbefore selling the properties in early 2022.[6]He owned the Israeli daily newspaperIsrael Hayom,the Israeli weekly newspaperMakor Rishon,and the American daily newspaper theLas Vegas Review-Journal.[7][8]

Adelson created theAdelson Foundationin 2007, a private charity focusing on healthcare and support of Israel and theJewishpeople. He was a major contributor toRepublican Partycandidates[9][10]and was often dubbed a "kingmaker"due to the size and frequency of his donations.[11][12]He and his wifeMiriam AdelsonwereDonald Trump's largest donors, providing the largest donation to Trump's2016 campaign,hispresidential inauguration,his defense fund against theMueller investigation into Russian interference,and the2020 campaign.[13][14][15][16][17][18]He was also a major backer of Israel's prime ministerBenjamin Netanyahu.[19]

In 2020,Forbeslisted his net worth as US$29.8 billion.[20]

Early life

[edit]

Adelson was born on August 4, 1933, and grew up in theDorchesterneighborhood ofBoston,the son of Sarah (née Tonkin) and Arthur Adelson.[21]He was Jewish.[22]His father's family was ofUkrainian JewishandLithuanian Jewishancestry.[23]His mother emigrated fromEngland,and Adelson said that his grandfather was a Welshcoal miner.[24]His father was a taxi driver, and his mother ran a knitting shop.[25]

He began his business career at the age of 12 when he borrowed $200 from his uncle (equivalent to $3,385 in 2023) and purchased a license to sell newspapers inBoston.[26]In 1948, at the age of 15, he borrowed $10,000 (equivalent to $126,814 in 2023) from his uncle to start a candy vending-machine business.[27]He attended theCity College of New York,but did not graduate.[28]He attended trade school in a failed attempt to become a court reporter, then joined the army.[29]

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.[29]In the 1960s, he started a charter tour business.[30]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 aserial entrepreneur.[31]

Business career

[edit]

COMDEX

[edit]

In the late 1970s, Adelson and his partners developed theCOMDEXtrade shows for the computer industry, beginning in 1979. It was one of the largest computertrade showsin the world through much of the 1980s and 1990s.[30]

In 1995, Adelson and his partners sold the Interface Group Show Division, including the COMDEX shows, toSoftBank Groupof Japan for $862 million; Adelson's share was over $500 million.[30]

Sands Casino

[edit]

Las Vegas, Nevada

[edit]
The Palazzo,Las Vegas

In 1988, Adelson purchased theSands Hotel and CasinoinLas Vegasfor $110 million (approximately equivalent to $283,390,000 in 2023).[32]The next year, he and his partners built theSands Expo and Convention Center,then the only privately owned and operatedconvention centerin the U.S.[33]

In 1991, while honeymooning inVenicewith his second wife, Miriam, Adelson came up with the idea for amega-resorthotel. He razed the Sands and spent $1.5 billion to constructThe Venetian,a Venice-themed resort hotel and casino, which opened on May 3, 1999.[34]

Bethlehem, Pennsylvania

[edit]

In the late 2000s, Adelson and the company built a casino resort inBethlehem, Pennsylvania.It is one of five stand-alone casinos that were awarded a slots license by thePennsylvania Gaming Control Boardin 2006. The casino opened May 22, 2009.[35]

In 2010, during theGreat Recession,Adelson toldThe Wall Street Journal"If it were today, we probably wouldn't have started it."[36]

In 2019, the Las Vegas Sands Corp. sold the Bethlehem casino for $1.3 billion to Alabama-based Wind Creek Hospitality.[37]The new owner, Wind Creek Hospitality, is owned by thePoarch Band of Creek Indians.[38]The casino's new name is TheWind Creek Bethlehem.

Macau

[edit]
TheVenetian Macau,theseventh-largest building in the world by floor space

Adelson led a project to bring Las Vegas Sands casinos toMacau.The 1,000,000 square feet (93,000 m2)Sands MacaobecameChina's first Las Vegas-style casino when it opened in May 2004.[39][40]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.[29]

In August 2007, Adelson opened the $2.4 billion[41]Venetian MacaoResort Hotel onCotai[42][43]and announced that he planned to create a massive, concentrated resort area he called theCotai Strip,after its Las Vegas counterpart. Adelson said that he planned to open more hotels under brands such asFour Seasons,Sheraton,andSt. Regis.His Las Vegas Sands planned to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010.[44]

Adelson's company was reportedly under federal investigation over alleged violations of theForeign Corrupt Practices Actrelating to payments made to a Macau lawyer.[45][46]In 2015, Sands agreed to pay a $9 million settlement with theSecurities and Exchange Commission,[47]which included no admission of wrongdoing.

Marina Bay, Singapore

[edit]
Marina Bay Sands,Singapore, the twelfth-mostexpensive building in the world

In May 2006, Adelson's Las Vegas Sands was awarded a hotly contested license to construct a casino resort inMarina 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 ofS$8 billion including land cost, the Marina Bay Sands (MBS) Complex of Singapore was the most expensive building in the world, ranking over the new development ofWorld Trade TowersinManhattanofNew Yorkand theBurj KhalifaofDubai.[48]

MBS Singapore includes stores at "The Shoppes", an ultraluxury indoor Venetian canal-lined exclusive shopping belt with tenants such asFerrari,Chanel,the Theatre of Marina Bay and Convention Center for Sands Live concert series, multiple swimming pools, a rooftopinfinity pool,night clubs in Maison pavilions on newly constructed mini islands, and 2,500 luxury hotel rooms.[48][49][50]

Other activities

[edit]

Israeli press

[edit]
The Parisian Macao,a $2.5 billion project

In 2007, Adelson made an unsuccessful bid to purchase theIsraelinewspaperMaariv.When this attempt failed, he proceeded with parallel plans to publish afree daily newspaperto compete withIsraeli,a newspaper he had co-founded in 2006 but had left.[51]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 purchaseMaarivand the conservative newspaperMakor Rishon.[52]In 2016, Adelson's attorney announced that he does not ownIsrael Hayom,but that it is owned by a relative of his.[53]

According to aTarget Group Index(TGI) survey published in July 2011,Israel Hayom,which unlike all other Israeli newspapers is distributed for free, became the number-one daily newspaper (on weekdays) four years after its inception.[54]This survey found thatIsrael Hayomhad a 39.3% weekday readership exposure,Yedioth Ahronoth37%,Maariv12.1%, andHaaretz5.8%. TheYedioth Ahronothweekend edition was still leading with a 44.3% readership exposure, compared to 31% for theIsrael Hayomweekend edition, 14.9% forMaariv,and 6.8% forHaaretz.This trend was already observed by a TGI survey in July 2010.[55]

In 2011, the Israeli press said that Adelson was unhappy with the coverage on IsraeliChannel 10alleging he had acquired a casino license in Las Vegas inappropriately through political connections.[56]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.[57]After two months of deliberations, the IsraeliSecond Authority for Television and Radioruled 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.[56]

Las Vegas Review-Journal

[edit]

In December 2015, Adelson purchased theLas Vegas Review-Journalnewspaper. 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.[58]A week after the purchase was announced, threeReview-Journalreporters revealed that the deal had been orchestrated by Adelson's son-in-lawPatrick Dumonton Adelson's behalf.[59]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.[60]

Within a few weeks the paper's editor stepped down in a "voluntary buyout".[61]In January 2016, a set of editorial principles were drawn up and publicized to ensure thenewspaper's independenceand 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.[62]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.[63]

Many reporters and editors left the newspaper citing "curtailed editorial freedom, murky business dealings and unethical managers."[64]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.[64]

TheLas Vegas Review-Journalwas the first majornewspaper nationwide to endorse Trumpin 2016.[65][66]

U.S. policy on Iran

[edit]

In a panel discussion atYeshiva Universityon October 22, 2013, Adelson said that the United States must get tougher on the issue of Iran's suspected nuclear weapons program. He said: "You pick up your cell phone and you call somewhere inNebraskaand you say 'OK, let it go' and so there's an atomic weapon goes over, ballistic missiles in the middle of the desert that doesn't hurt a soul, maybe a couple of rattlesnakes and scorpions or whatever ". He explained that, after a show of force and a threat to also drop a nuclear bomb on Tehran, the U.S. should then say: if" You [Iran] want to be peaceful, just reverse it all and we will guarantee that you can have a nuclear power plant for electricity purposes, energy purposes. "[67][68]Adelson's spokesman told reporters that Adelson "was obviously not speaking literally" about using an atomic bomb in the desert, and that he was "using hyperbole to make a point that... actions speak louder than words".[69]

DeLay controversy

[edit]

During theSuen trial,Bill Weidner, the president of Adelson's Las Vegas Sands company, testified about a telephone conversation between Adelson and his friend then-House Majority LeaderTom DeLay(R-TX) about a bill proposed by RepresentativeTom Lantos(D) that would have prevented theU.S. Olympic Committeefrom voting in favor of the Chinese bid to host the2008 Summer Olympics.A few hours later, DeLay called back and told Adelson he could tell the mayor of Beijing "this bill will never see the light of day". The resolution did not pass. Adelson testified in court that the demise of the resolution "resulted from the press of other legislation, [not from] a deliberate move by DeLay to help his benefactor."[29]

Cannabis

[edit]

Fightingcannabis legalizationwas a personal passion of Adelson, whose son Mitchell died of an overdose ofheroinandcocaine.[70]Mitchell used cocaine and heroin from an early age.[71]Adelson believedcannabisis agateway drug.[72]

Israeli-American Council

[edit]

At the November 2017 conference of theIsraeli-American Council(IAC), Adelson declared that the organization should become primarily a political lobbying group on Israel-related issues. In contrast to theAmerican Israel Public Affairs Committee(AIPAC), which supports atwo-state solutionand continued aid to thePalestinians,Adelson charted a course for IAC to oppose both of these positions;[citation needed]Adelson himself opposed a two-state solution.[73]Israeli journalistChemi Shalevsaid that IAC had not intended to become a political pressure group and that Adelson had "hijacked" it for his "hard-rightagenda ".[74]

Internet gambling

[edit]

Adelson fought against internet-based gambling in his later life.[75]Despite the legalization, and acceptance from many Las Vegas casino CEOs, Adelson poured money into candidates wanting to overturn state legislation that legalizes online gambling. In early 2015, Adelson publicly backed a bill introduced in theU.S. House of Representatives.The legislation, named the Restore America's Wire Act, was met with mixed reviews by the Republican Party.[76]

Honors

[edit]

Adelson and his wife, Miriam Adelson, were presented with theWoodrow Wilson Awardfor Corporate Citizenship by theWoodrow Wilson International Center for Scholarsof theSmithsonian Institutionon March 25, 2008.[77]

Adelson received the Chairman's Award from theNevada Policy Research Institute,athink tankin Las Vegas, for his efforts to advancefree marketprinciples in Nevada.[78]

In 2014, Adelson was named toCNBC's list of 200 people who have transformed business over the last 25 years.[79]

Involvement in politics

[edit]
Adelson with Donald Trump in 2019

According toThe New Yorker,Adelson began making major contributions to theRepublican National Committeefollowing clashes with labor unions at hisLas Vegasproperties.[29]

The New Yorkerarticle also quotedShelley Berkley,a NevadaDemocratic Partycongresswoman, with whom Adelson had a long feud. She worked for him in the 1990s as vice-president of legal and governmental affairs, and said Adelson told her that "old Democrats were with the union and he wanted to break the back of the union, consequently he had to break the back of the Democrats".The Boston Globesaid that Adelson "waged some bitter anti-union battles in Las Vegas".[29][80]Berkley is further quoted inThe New Yorkerarticle as saying that Adelson "seeks to dominate politics and public policy through the raw power of money".[29]

In February 2012, Adelson toldForbesmagazine that he was "against very wealthy people attempting to or influencing elections. But as long as it's doable I'm going to do it. Because I know that guys likeSoroshave been doing it for years, if not decades. And they stay below the radar by creating a network of corporations to funnel their money. I have my own philosophy and I'm not ashamed of it. I gave the money because there is no other legal way to do it. I don't want to go through ten different corporations to hide my name. I'm proud of what I do and I'm not looking to escape recognition. "[81]

In 2005, Adelson and his wife each contributed $250,000 to thesecond inauguration of George W. Bush.[82][83][84]PresidentGeorge W. Bushappointed the Adelsons to serve on the Honorary Delegation to accompany him toJerusalemfor the celebration of the 60th anniversary of theState of Israelin May 2008.[85]

Adelson was the principal financial backer ofFreedom's Watch,a now-defunct political advocacy group founded to counter the influence of George Soros andDemocratic-leaning lobby groups such asMoveOn.org."Almost all" of the $30 million Freedom's Watch spent on the2008 electionscame from Adelson.[86]

In 2010, Adelson donated $1 million toAmerican Solutions for Winning the Future,apolitical action committee(PAC) supporting Republican formerSpeaker of the HouseNewt Gingrich.[87]In December 2011, during Gingrich'sbid for the U.S. presidency,Adelson spoke favorably of controversial remarks Gingrich had made about Palestinians, saying "read the history of those who call themselves Palestinians, and you will hear why Gingrich said recently that the Palestinians are an invented people."[88]Adelson donated toU.S. Senateand House of Representatives candidates.[89]

During the2012 Republican Party presidential primaries,Adelson first supportedNewt Gingrichand then the eventual nomineeMitt Romney.[90]Altogether he spent $92 million supporting losing candidates during the2012 United States presidential electioncycle.[91]

On January 7, 2012, Adelson bolstered Gingrich's then-faltering campaign with a $5-million donation to the pro-Gingrichsuper PACWinning Our Future.[92]By the next day, the super PAC had reserved more than $3.4 million in advertising time in theSouth Carolina primary,which included production and distribution of a half-hour movie that portrayed Gingrich's political rival Mitt Romney as a "predatory corporate raider".[93]On January 23, Adelson's wife, Miriam, contributed an additional $5 million to the same organization with instructions to use it to advance a "pro-Newt message".[94][95]Adelson toldForbesthat he was willing to donate as much as $100 million to Gingrich.[96]He also donated $5 million to the right-leaning[97]super PACCongressional Leadership Fund[98]and over $60,000 to theRepublican National Committee.[99]

In June 2012, Adelson donated $10 million to the pro-Romney PAC Restore Our Future.[100]In July, Adelson attended a Romney fundraiser held in Jerusalem.[101]Adelson joinedWoody Johnson,John Rakolta,Paul Singer,and several dozen other contributors on the trip.[102]According toBloomberg Businessweek,as of July Adelson had given Republicans more than $30 million for the 2012 election cycle.[102]

Romney believed that the People's Republic of China should have been pressured to drop its presumptively low fixed exchange rate policy; according to Bloomberg, Adelson would have benefitted financially in U.S. dollar terms through his interest in Chinese casinos if theChinese yuanwere to have appreciated.[103]

Early in 2014, Adelson donated $2.5 million to the Drug Free Florida Committee, the political committee trying to defeat Florida'sRight to Medical Marijuana Initiativewhich would legalizemedical cannabisin that state.[104][105]Later in 2014, Adelson donated an additional $1.5 million to the No On 2 campaign. He believed that cannabis is agateway drug.[72]

According to a 2014Washington Postreport, Adelson's strategy for the2016 United States presidential electionwas to support a mainstream candidate capable of winning the presidency. In March 2014 Adelson was set to hold one-on-one chats with possible candidatesJeb Bush,Chris Christie,Scott Walker,andJohn Kasichduring the spring meeting of theRepublican Jewish Coalitionheld at Adelson's hotel and casinoThe Venetian Las Vegas.[91]During theDecember 2015 Republican debateheld at that same venue, Adelson held one-on-one meetings with several of the candidates prior to the start of the debate, including front runnerDonald Trump.[106]The bidding to become Adelson's favorite, and ultimately receive tens of millions in financial support, was informally called "The Adelson Primary".[107][108]On May 13, 2016, he endorsed Trump for president,[109]and pledged as much as $100 million to support his campaign.[110]Adelson was later described as a Trump partisan.[111]

In October 2016, Adelson donated one million dollars to the campaign against Massachusetts ballot question 4 theMassachusetts Legalization, Regulation and Taxation of Marijuana Initiativewhich legalized marijuana for personal use.[112]Adelson also donated $1,500,000 towards the unsuccessful effort to thwart the 2016Florida medical Marijuana Legalization Initiative.[113][114]

Adelson sat out the 2016 Republican primaries, with some early indicators at the beginning of 2016 interpreted as showing that Adelson favored Trump.[115]In May 2016, explaining his reasons for officially endorsingDonald Trump's presidential bid,Adelson cited the importance of CEO experience in a presidential nominee.[109]

For the2018 United States elections,Adelson donated approximately $113 million to the Republican Party through various conservativepolitical action committees.[116]

On January 31, 2019,ABC Newsreported that Adelson and his wife Miriam had contributed $500,000 to thePatriot Legal Expense Fund Trust,which was set up in 2018 to assist aides of President Trump under investigation by special counselRobert Mueller's probe intoRussian interference in the 2016 United States elections.The contributions are the Trust's largest to date.[117]

It was estimated Adelson would donate $200 million toTrumpandthe GOPfor the2020 election cycle.[18]Given a call to Adelson by Trump in early August complaining that Adelson had not done enough for him, there was speculation that the amount of a donation could be affected.[118]On October 15, 2020, Adelson gave $75 million to a Trump PAC, in a late push for reelection.[119]In the second half of October 2020, Adelson and his wife gave a further $35 million to three super-PACs supporting the Republican Party and Trump's re-election.[120]PACs to which the Adelsons donated in the 2020 cycle included Preserve America and the Senate Leadership Fund.[121]

Donations

[edit]
Donald Trumppresents theMedal of Freedomto Adelson's wife.

On September 23, 2016, Adelson announced a $25 million donation to Trump's presidential campaign, as part of a $65 million donation to the Republican electoral campaign for 2016. This rendered Adelson by far the biggest donor in either party (Republicans or Democrats) in the 2016 election cycle.[14]It also makes him by far the largest donor to Donald Trump'sWhite Housebid.[14]Adelson was the largest donor to Trump's inaugural celebrations, with a $5 million donation to the celebrations.[122]

According to federal records, from 2010 through 2020, Adelson and his wife donated more than $500 million to the Republican party campaigns and super PACs.[123]

Since 2007, theAdelson Family Foundationhas made contributions totaling $140 million toBirthright Israel,which finances Jewish youth trips to Israel.[124]He also donated $5 million to theFriends of the Israel Defense Forcesin 2014.[125]Adelson donated over $25 million toThe Adelson Educational Campusin Las Vegas to build a high school.[126][127]In 2006, Adelson contributed $25 million to theYad VashemHolocaustMartyrs' and Heroes' Remembrance Authority.[128]

Adelson also funded the private, Boston-based Miriam and Sheldon G. Adelson Medical Research Foundation.[129]This foundation initiated the Adelson Program in Neural Repair and Rehabilitation (APNRR) with $7.5 million donated to collaborating researchers at 10 universities.[130]

Personal life

[edit]

Marriages

[edit]
Sheldon and Miriam Adelson, at the Woodrow Wilson Awards

In the 1970s, Sheldon Adelson lived inMassachusettswith his wife, Sandra, and her three children, Mitchell, Gary, and Shelley,[131]whom Sheldon adopted when they were young.[29]The couple divorced in 1988.[132]

Adelson metMiriam Farbstein Ochshorn,a medical doctor, on a blind date the following year; they married in 1991.[29]She was previously married to aTel Avivphysician, Dr. Ariel Ochshorn, with whom she had two daughters.[131]Miriam "Miri" Farbstein was born inMandatory Palestinein 1945, to parents that fledPolandbefore the Holocaust and settled in the city ofHaifa.After earning a Bachelor of Science inMicrobiologyandGeneticsfrom theHebrew University of Jerusalemand a medical degree fromTel Aviv University'sSackler Medical School,she went on to become the chief internist in an emergency room at Tel Aviv's Rokach (Hadassah) Hospital. In 1993, she founded asubstance abusecenter and research clinic there, and in 2000, the couple opened the Dr. Miriam and Sheldon G. Adelson Research Clinic in Las Vegas.[133]

Litigation

[edit]

A June 2008 profile inThe New Yorkerdetailed several controversies involving Adelson. In 2008 Richard Suen, a Hong Kong businessman who had helped Adelson make connections with leading Chinese officials in order to obtain the Macau license, took Adelson to court in Las Vegas alleging he had reneged on his agreement to allow Suen to profit from the venture. Suen won a $43.8 million judgement; in November 2010, theNevada Supreme Courtoverturned the judgment and returned the case to the lower court for further consideration.[134]In the 2013 retrial, the jury awarded Suen a verdict for $70 million.[135][136]The judge added another $31.6 million in interest, bringing the total judgment against Adelson to $101.6 million.[137][138]Adelson was in the process of appealing again.[139]Adelson faced another trial over claims by three alleged "middlemen" in the deal who are suing for at least $450 million.[29]

In February 2013, the Las Vegas Sands, in a regulatory filing, acknowledged that it had likely violated federal law that prohibits the bribing of foreign officials. Allegedly, Chinese officials were bribed to allow Adelson to build his Macau casino.[140]

Adelson successfully sued the LondonDaily Mailforlibelin 2008. The newspaper had accused him of pursuing "despicable business practices" and having "habitually and corruptly bought political favour". Adelson won the libel case, which was described as "a grave slur on Mr Adelson's personal integrity and business reputation," and he won a judgment of approximately £4 million, which he said he would donate to London'sRoyal Marsden Hospital.[141]

In August 2012, theDemocratic Congressional Campaign Committee(DCCC), after being threatened with a libel suit, apologized and withdrew two blog posts that claimed Adelson had donated "Chinese prostitution money" to Republicans.[142]Another organization, theNational Jewish Democratic Council,posted on their website that Adelson "personally approved" of prostitution at his Macau resorts. Adelson sued for libel, but a federal judge dismissed the suit in September 2013, ordering Adelson to pay the NJDC's legal fees.[143]

Adelson had been scheduled to testify in the corruption trial against Israeli Prime MinisterBenjamin Netanyahu,but Adelson died first.[144]

Wealth

[edit]

In 2007, Adelson's estimated wealth was $26.5 billion, making him the third-richest person in the United States according toForbes,[145]and $26 billion for 2008.[146]

In 2008, the share prices of the Las Vegas Sands Corp. plunged. In November 2008, Las Vegas Sands Corp. announced it might default on bonds that it had outstanding, signaling the potentialbankruptcyof the concern.[147]Adelson lost $4 billion in 2008, more than any other Americanbillionaire.[148][149]In 2009, his net worth had declined from approximately $30 billion to $2 billion, a drop of 93%.[150]He told ABC News "So I lost $25 billion. I started out with zero...[there is] no such thing as fear, not to anentrepreneur.Concern, yes. Fear, no ".[151]In theForbes2009 world billionaires list, Adelson's ranking dropped to No. 178 with a net worth of $3.4 billion,[152]but by 2011, after his business had recovered, he was ranked as the world's 16th-richest man with a net worth of $23.3 billion.[153]

In 2013, Adelson earned a top ranking onForbes'Annual "Biggest Winner" List, his dramatic growth a result of the success of his casinos in Macau and Singapore, adding an estimated $15 billion to his net worth during the year.[154]In 2013, Adelson was worth $37.2 billion according toForbes,[155]and as of December 2014, his net worth was $30.4 billion.[156]

Adelson owned a fleet of private jets throughLas Vegas Sands.[157][158]On January 2, 2017, Adelson'sAirbus A340-500jet set a record for theBen Gurion International Airportby making the longest flight ever leaving the airport by flying nonstop toHonolulu, Hawaii,by way of theArctic Ocean.[159]

Illness and death

[edit]

In 2001, Adelson was diagnosed withperipheral neuropathy,which restricted his ability to stand and walk.[160]

On February 28, 2019, Las Vegas Sands announced that Adelson was receiving treatment fornon-Hodgkin's lymphoma.[161]The news was disclosed after a Sands attorney claimed Adelson was too weak to sit for a deposition in a court case involving Richard Suen. Sands spokesman Ron Reese said the side effects of Adelson's medical treatment had "restricted his availability to travel or keep regular office hours” but had not “prevented him from fulfilling his duties as chairman and CEO” of Las Vegas Sands.[162]

On January 11, 2021, Adelson died at his home inMalibu, California,at the age of 87, after long-term illnesses.[163][164][165]

On January 14, 2021, Adelson's body arrived in Israel.[166]His coffin was draped in U.S. and Israeli flags and was on display atBen Gurion Airport,[166]where Prime Minister Benjamin Netanyahu came to pay his respects.[166]Adelson was buried the next day, in a small private ceremony on theMount of OlivesinJerusalem.[1]

See also

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References

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  1. ^abLinn, Erez (January 15, 2021)."Philanthropist Sheldon Adelson laid to rest on Mount of Olives".Israel Hayom.RetrievedJanuary 15,2021.
  2. ^Berzon, James R. Hagerty and Alexandra (January 12, 2021)."Sheldon Adelson Dies at 87, a Giant in the Casino-Resort Industry".The Wall Street Journal.ISSN0099-9660.Archivedfrom the original on January 12, 2021.RetrievedJanuary 12,2021.
  3. ^"Sheldon Adelson, Who Brought Casinos to China, Dies at 87".Bloomberg.January 12, 2021.RetrievedApril 19,2021– via bloomberg.
  4. ^Aderet, Ofer."Sheldon Adelson laid to rest on Jerusalem's Mount of Olives".Haaretz.RetrievedJanuary 17,2021.
  5. ^"Coffin of philanthropist Sheldon Adelson arrived in Israel".The Jerusalem Post | JPost.January 15, 2021.RetrievedJanuary 17,2021.
  6. ^Sands, Las Vegas."Sands Completes Sale of The Venetian Resort in Las Vegas".prnewswire(Press release).RetrievedOctober 8,2022.
  7. ^"Sheldon Adelson Expands Israeli Media Empire, Buys Makor Rishon and NRG".Haaretz.Archivedfrom the original on February 7, 2020.RetrievedFebruary 7,2020.
  8. ^Primack, Dan (December 16, 2015)."Yes, Sheldon Adelson Bought The Las Vegas Review-Journal".Fortune.Archivedfrom the original on December 16, 2015.RetrievedDecember 16,2015.
  9. ^ProfileArchivedJanuary 21, 2013, at theWayback Machine,NewYorker, June 30, 2008.
  10. ^ProfileArchivedMay 1, 2014, at theWayback Machine,Politico;accessed September 16, 2015.
  11. ^Schneider, Elena; Isenstadt, Alex (January 12, 2021)."Sheldon Adelson's super PAC spending spree shaped GOP politics".Politico.RetrievedJanuary 13,2021.
  12. ^"Obituary: Sheldon Adelson, the casino magnate who moved an embassy".BBC News.January 12, 2021.RetrievedJanuary 13,2021.
  13. ^"GOP Megadonor Gives $500,000 to Legal Fund for Trump Aides Caught Up In Russia Probe".Fortune.Archivedfrom the original on November 7, 2020.RetrievedJanuary 12,2021.
  14. ^abcStone, Peter (September 23, 2016)."Sheldon Adelson to give $25m boost to Trump Super Pac".The Guardian.RetrievedJanuary 12,2021.
  15. ^Yilek, Caitlin."GOP mega-donor Sheldon Adelson 'furious' over Rex Tillerson comments: Report".The Washington Examiner.Archivedfrom the original on May 23, 2017.RetrievedOctober 31,2017.
  16. ^Allison, Bill (October 15, 2020)."Adelsons Become Trump's Biggest Donors With $75 Million to PAC".Bloomberg.Archivedfrom the original on January 11, 2021.RetrievedJanuary 10,2021.
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[edit]
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