The billionaire casino mogul - Sheldon Adelson - Prime Insights - Business Magazine

The billionaire casino mogul – Sheldon Adelson

Sheldon Adelson

The billionaire casino mogul – Sheldon Adelson

  • An American investor, entrepreneur and philanthropist along with being the owner of one of the most successful casinos in the world, Sheldon Adelson is also the CEO of the Las Vegas Sands Corporation. As of January 2018, his net worth is estimated to be $40 billion. He is also the owner of the Marina Bay Sands in Singapore. Along with this, he is also the owner of the Israeli daily newspaper Israel Hayom and the Las Vegas Review-Journal.
  • Born on 4th August 1933, Adelson grew up in a family of low-income crisis. Initially, after borrowing money from his uncle, Adelson purchased a license to sell newspapers in Boston at the age of 12. In 1948, he borrowed $10,000 from his uncle to start a candy-vending-machine. After attending the City College of New York, Adelson did not graduate but subsequently joined the army. During the 1960s, he started a chartered tours business and soon became a millionaire. Over the next course of his business career, this man had already made almost 50 of his own businesses that changed him into being a serial entrepreneur.
  • During his early years of life, Adelson found it very tuff to keep his source of income going. However, a breakthrough in his life came in 1979 when he created his first entrepreneurial adventure; COMDEX (Computer Dealers Exhibition). It became the top computer trade show, spreading to several other cities and lasted over decades till 2003.
  • In 1988, Adelson became an investor in his first casino by purchasing the Sands Casino after quite a bargain. Soon that casino was replaced by the Venetian Casino that is now one of the many facilities that are part of the largest integrated resort across the globe.
  • 4 years from 1991, Adelson was one of the only 2 Americans to receive a license from the Government of China to expand his casino industry into Macau. He opened a massive $5.7 billion casino complex in Singapore in 2010.
  • Despite having a vast empire casino in his name, Adelson was not satisfied. He then set his eyes on Japan that has nationally legalized casino gambling. He created the Adelson Foundation as a model of philanthropic activity in 2007 that would donate huge sums to a variety of needy causes around the world.
  • As of November 2019, Adelson was listed by Forbes as the 24th richest person in the world. He was the largest donor of the Republican Party in both the 2012 and 2016 presidential campaigns. Back in 1995, Adelson and his partners sold the Interface Group Show Division including the COMDEX shows to SoftBank Corporation of Japan for $862 million and in this process, Adelson secured a profit over $500 million.
  • In 1999, after having purchased the Sands Hotel and Casino in Las Vegas, Adelson and his partners constructed the Sands Expo and Convention Center, which is the only privately owned and operated convention center in the US. He spent around $1.5 billion to construct The Venetian, a Venice-themed resort hotel and casino, which opened on 3rd May 1999.

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