Where does the fortune of Sheldon Adelson come from?
Sheldon Adelson is an American business magnate, investor, philanthropist, and political donor. He is the founder and CEO of Las Vegas Sands Corporation, which owns the Marina Bay Sands in Singapore, and is the parent company of Venetian Macao Limited, which operates The Venetian Resort Hotel Casino and the Sands Expo and Convention Center. In addition to that, he owns the Israeli daily newspaper Israel Hayom and the American daily newspaper Las Vegas Review-Journal. Forbes today ranks him as the 24th richest person in the world with an estimated net worth of 40 billion U.S. dollars.
How did the Adelson family business develop?
Adelson created his businesses mainly on the success of his real estate investment activities in the Las Vegas area. Beginning in 1988, Adelson and his partners purchased the Sands Hotel and Casino in Las Vegas. Just a few years later, inspired by a trip through Venice, he built “The Venetian Resort” in Las Vegas. It got expanded in 2003 with the “Venezia Tower”, giving the hotel 4,049 suites; 18 restaurants and a shopping mall with canals, gondolas and singing gondoliers. After opening some other hotels and casinos in the U.S. and China, Adelson was allowed to build a casino at Singapore’s Marina Bay. It opened in 2010 including multiple swimming pools, night clubs, and 2,500 luxury hotel rooms. There were rumors that it had cost over 5.5 billion U.S. dollars to build.
Is there a Sheldon Adelson family office?
Sheldon Adelson does not operate a single family office, but always seeks to make investments that add value to his businesses. Furthermore, he is known to be one of Americas most important lobbyists.
How does the Adelson family office invest?
As said before he does not own a single family office but it recently became disclosed that Adelson wants to invest at least 10 billion U.S. dollars into a new casino and integrated resort in Japan to expand his business. He also always tries to get some influence on political decisions, that would affect his business activities in the U.S., for example in 2015 he tried to ban online gambling nationally. It had been estimated that until now Adelson spent about 200 million U.S. dollars on political donations in total.
This article is part of our detailed report “The single family offices of the richest US families“
Picture Source: Mike Enerio