Sheldon Adelson

Infobox Person
name = Sheldon Adelson


image_size =
caption =
birth_date = birth date and age|1933|8|1
birth_place = Dorchester, Massachusetts, USA
death_date =
death_place =
other_names =
known_for =
occupation = Gambling/leisure businesses
networth = loss $26 billion U.S. dollar (2008)

Sheldon Gary Adelson (born August 1, 1933) [Citation
last = Brainy Media
first =
author-link =
last2 =
first2 =
author2-link =
title = Sheldon Adelson Quotes
date =
year = 2007
url = http://www.brainyquote.com/quotes/authors/s/sheldon_adelson.html
accessdate = 2007-04-07 ] is an American billionaire businessman. He is a property developer and public company CEO based in Las Vegas, Nevada.

Adelson is Chairman and Chief Executive Officer of the Las Vegas Sands Corp., the parent company of Venetian Macao Limited which operates The Venetian Resort Hotel Casino and the Sands Expo and Convention Center. Adelson vastly increased his net worth upon the initial public offering of Las Vegas Sands in December 2004 by selling just 10% of the shares. With an estimated wealth of US$26.5 bn, he is the United States' third richest person as of 2007 [ [http://www.forbes.com/2007/03/07/billionaires-worlds-richest_07billionaires_cz_lk_af_0308billie_land.html Forbes Special Report - The world's billionaires] ] .

Biography

Adelson's parents were Jewish. His mother's family emigrated to the United States from Ukraine; his father's family came from Lithuania. [Tom Tugend, [http://www.jewishjournal.com/philanthropy/article/vegas_billionaire_sheldon_adelson_expected_to_set_new_charity_donation_reco/ Vegas billionaire Sheldon Adelson expected to set new charity donation record] , The Jewish Journal of Greater Los Angeles, December 14, 2006.]

Adelson was born and grew up in the Dorchester neighborhood of Boston, Massachusetts, a rough-and-tumble section of Boston, where his father drove a taxicab. Gary Rivlin, [http://www.nytimes.com/2008/01/17/business/17adelson.html?ex=1358312400&en=b4cace9cda969972 "When 3rd Place on the Rich List Just Isn’t Enough"] , "New York Times", January 17, 2008]

He worked at a young age selling newspapers on local street corners and owned his first business by the time he was twelve. In the years that followed, he worked as a mortgage broker, investment adviser and financial consultant. He started a business selling toiletry kits, and in the 1960s he started a charter tours business with two friends. He went to college at City College of New York but did not complete a degree there.

Adelson was born into a traditionally Democratic family but became a staunch Republican as his wealth grew. "Why is it fair that I should be paying a higher percentage of taxes than anyone else?" he was reported to have once asked. He began making major contributions to the Republican National Committee following clashes with labor unions at his Las Vegas properties.Connie Bruck, [http://www.newyorker.com/reporting/2008/06/30/080630fa_fact_bruck?currentPage=all The Brass Ring: A multibillionaire’s relentless quest for global influence] , New Yorker Profile, June, 2008.]

Adelson divorced his first wife, Sandra, in 1988 and met his current wife, Miriam Ochsorn, on a blind date the following year. They were married in 1991. Miriam Adelson is a physician who directs the Dr. Miriam and Sheldon G. Adelson Clinic for Drug Abuse.Amir Zohar, [http://www.haaretz.com/hasen/spages/961665.html "The Adelson method"] , "Haaretz" (English edition), March 13, 3008] Adelson fathered at least two sons, Mitchell and Gary. Both of Adelson's sons have struggled with drug addiction, Mitchell dying from an overdose in 2005.

As of 2008, Adelson was reportedly in poor health. Since 2001 Adelson has suffered from peripheral neuropathy and has relied on a cane to walk.Alex Beam, [http://www.boston.com/lifestyle/articles/2008/05 31/adelson_bets_big_on_right_wing_politics/ Adelson bets big on right-wing politics] , The Boston Globe, May 31, 2008.]

COMDEX and casinos

The basis for Adelson's wealth and current investments was the computer trade show COMDEX, which he and his partners developed for the computer industry; the first show was in 1979. It was the premier computer trade show through much of the 1980s and 1990s.

In 1988, Adelson and his partners purchased the Sands Hotel & Casino in Las Vegas, Nevada, the former hangout of Frank Sinatra and the Rat Pack, in order to bring Las Vegas to a new phase of business centricity through the exhibition industry. The following year, Adelson and his partners constructed the Sands Expo and Convention Center, the only privately owned and operated convention center in the United States.

In 1991, while honeymooning in Venice with his second wife, Miriam, an Israeli physician, Adelson said he found the inspiration for a mega-resort hotel. He razed (by implosion) the venerable Sands and spent $1.5-billion to construct the The Venetian, a Venice-themed resort hotel and casino. The luxurious, all-suite Venetian revolutionized the Las Vegas hotel industry, and has been honored with architectural and other awards naming it as one the finest hotels in the world. In 2003, The Venetian added the 1,013-suite Venezia tower - giving The Venetian 4,049 suites, 18 leading-chef restaurants, a shopping mall with canals, gondolas and singing gondoliers.

In 1995, Adelson and his partners sold the Interface Group Show Division, including the COMDEX shows, to SoftBank Corporation of Japan for $862 million; Adelson's share was just over $500 million.

Adelson spearheaded a major project to bring the Sands name to the Macao SAR, China, the Chinese gambling city that was a Portuguese colony until December 1999. The one million-square-foot Sands Macau became the People's Republic of China's first Las Vegas-style casino when it opened in May 2004. Adelson made back his initial 265 million dollar investment in one year and, because he owns 69% of the stock, he became a multibillionaire when he took the stock public in December of 2004. Since the opening of the Sands Macao Adelson's personal wealth has multiplied more than fourteen times.

In May 2006, Adelson's Las Vegas Sands was awarded a hotly contested license to construct a casino resort in Singapore's Marina Bay. The new casino is expected to open in 2009 at a rumored cost of $3.16 billion.

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 plans to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010. [ [http://www.cnn.com/2007/BUSINESS/08/28/macau.venetian.ap/index.html?section=cnn_latest "China opens world's largest casino"] , CNN.com, August 28, 2007]

In September 2007, Adelson announced that the Sands would open its second hotel, the Sands Macao Hotel in Macau in October of that year. [ [http://news.yahoo.com/s/ap_travel/20070928/ap_tr_ge/travel_brief_macau_las_vegas_sands;_ylt=AuAIHQWaiEyH1hnKPhKivcas0NUE "Second hotel to open in Macau"] , Yahoo.com, September 28, 2007]

In 2007, Adelson made an unsuccessful bid to buy controlling interest in the Israeli newspaper "Maariv". When this 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. [Citation
last = IsraelNationalNews.com
first =
author-link =
last2 =
first2 =
author2-link =
title = American Billionaire Launching Free Israeli Daily
date =
year = 2007
url = http://www.israelnationalnews.com/News/Flash.aspx/129798
accessdate = 2007-07-12 ] The first edition of the new newspaper, Israel HaYom, was published on July 30, 2007.

Philanthropic and political contributions

Adelson currently has funded over $25 million to the M.I.S. Hebrew Academy in Las Vegas to build a high school. Currently, the high school has a 9th and 10th grade and will add more grades annually.

In 2005, Adelson and his wife were both among 53 entities that contributed the maximum of $250,000 (thus the total contribution from the couple was $500,000) to the second inauguration of President George W. Bush. [cite news |first=Jim |last=Drinkard |title=Donors get good seats, great access this week |url=http://www.usatoday.com/news/washington/2005-01-16-inauguration-donors_x.htm |publisher=USA Today |date=2005-01-17 |accessdate=2008-05-25 ] [cite news |title=Financing the inauguration |url=http://www.usatoday.com/news/washington/2005-01-16-inaugural-donors_x.htm |publisher=USA Today |date= |accessdate=2008-05-25 ] [cite news |title=Some question inaugural's multi-million price tag |url=http://www.usatoday.com/news/washington/2005-01-14-price_x.htm |publisher=USA Today |date=2005-01-14 |accessdate=2008-05-25 ]

In 2006 Adelson contributed $25 million to the organization Birthright Israel, which finances Jewish youth trips to Israel. The gift is anticipated to be given annually for the foreseeable future [ Isi Leibler, [http://www.jpost.com/servlet/Satellite?cid=1171894533370&pagename=JPost%2FJPArticle%2FShowFull "Birthright Israel... on second thought"] , "Jerusalem Post", February 27, 2007]

In 2007 Adelson founded the 527 lobbying group Freedom's Watch, a group that advocates America's continued involvement in the war in Iraq, and is run and supported, in part, by former officials of the Bush administration. [http://www.ynetnews.com/articles/0,7340,L-3361888,00.html "Richest US Jew pledges USD 25 million to Taglit - birthright israel"] , ynetnews.com, February 6, 2007.] It has unsuccessfully financed several Republican congressional candidates and originally had intended to raise as much as $250 million to attack Barack Obama's presidential campaign. Obama and McCain have both stated they want such groups to stay out of the presidential election. A Freedom's Watch spokesperson said it now will focus on congressional campaigns. [Peter Overby, [http://www.npr.org/templates/story/story.php?storyId=90907225&ft=1&f=1070 Political Ads from '527' Groups Get Cold Shoulder] , National Public Radio, May 28, 2008.]

Also in 2007, Adelson pledged another $25 million to the Birthright Israel program, allowing for approximately 20,000 people to take part in the program.

Adelson also has funded the Boston based Dr. Miriam and Sheldon G. Adelson Medical Research Foundation. AMRF is a private foundation committed to a model of open and highly integrated collaboration among outstanding investigators who participate in goal-directed basic and clinical research to prevent, reduce or eliminate disabling and life-threatening illness. [ [http://www.adelsonfoundation.org/AMRF/home.php "Home page of the Dr. Miriam and Sheldon G. Adelson Medical Research Foundation."] ]

This foundation initiated the Adelson Program in Neural Repair and Rehabilitation (APNRR) with $7.5 million donated to collaborating researchers at 10 universities. [ [http://www.uclahealth.org/body.cfm?xyzpdqabc=0&id=502&action=detail&ref=227 "Making Better Doctors"] , "UCLA Medicine" magazine, Winter 2007] ] Adelson has publicly pledged billions to medical research and has encouraged researchers to contact AMRF with ideas that need to be funded.

Along with his wife, Dr. Miriam Adelson, Sheldon Adelson was presented with the Woodrow Wilson Award for Corporate Citizenship by the Woodrow Wilson International Center for Scholars of the Smithsonian Institution. [ [http://findarticles.com/p/articles/mi_m4PRN/is_2008_March_26/ai_n24959198] dead link|date=August 2008] The ceremony was held on March 25, 2008 in Las Vegas, Nevada. The other award recipient that night was Wayne Newton, who received the Woodrow Wilson Award for Public Service.Fact|date=August 2008

Sheldon Adelson has also received the Chairman's Award from the Nevada Policy Research Institute, a free market think tank in Las Vegas, for his efforts to advance free market principles in Nevada. [ [http://npri.org/events/past-anniversary-dinners NPRI Past Anniversary Dinners page.] ]

Controversies

A June 2008 profile in "The New Yorker" detailed several controversies involving Adelson. In 2008 Richard Suen, a Hong Kong businessman who had helped Adelson make connections with top Chinese officials in order to obtain the Macao license, took Adelson to court in Las Vegas alleging he had reneged on his agreement to allow Suen to profit from the venture. While Suen won a $43.8 million judgement, Adelson's lawyers have vowed to appeal. Adelson faces another trial by three alleged "middlemen" in the deal who are suing for at least $450 million.

During the Suen 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 Leader Tom DeLay about a representive Tom Lantos proposed bill that would have prevented the US Olympic Committee from voting in favor of the Chinese bid to host the 2008 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.

According to the "New Yorker" Adelson is "fiercely opposed to a two-state solution" for Israel and Palestine, which Israeli Prime Minister Ehud Olmert supports, as a "betrayal of principle." Adelson opposed the 2007 Annapolis Peace Conference. Adelson has been a close ally of former Prime Minister Benjamin Netanyahu who hopes to retake that office. [Griff Witte, [http://www.washingtonpost.com/wp-dyn/content/article/2008/07/25/AR2008072503490_pf.html Israeli Leaders Find Generous Donors in U.S., Americans Give Most To the Political Right] , Washington Post, July 26, 2008, A01.]

The "New Yorker" article also described how Shelley Berkley, a Nevada Democratic Party congresswoman for Nevada who had worked for Adelson in the nineties as vice-president of legal and governmental affairs, quoted Adelson as saying 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 Globe also noted that Adelson has "waged some bitter anti-union battles in Las Vegas". Congresswoman Berkley also claimed in the New Yorker article that Adelson "seeks to dominate politics and public policy through the raw power of money."

Adelson successfully sued the "Daily Mail" of London for libel in 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. Adelson said he would donate the damages to the Royal Marsden cancer hospital in London. [ [http://www.haaretz.com/hasen/pages/ShArt.jhtml?itemNo=966538&contrassID=1&subContrassID=1 Sheldon Adelson wins millions in damages from British newspaper] , Reuters, March 20, 2008.]

References

External links

* [http://www.lasvegassands.com/ The official site of The Las Vegas Sands Corporation]
* [http://www.forbes.com/lists/2006/10/ER9O.html Adelson's membership on the Forbes global list of billionaires]
* [http://www.forbes.com/lists/2005/54/ER9O.html Adelson's membership on the Forbes 400 list]
* [http://www.adelsonfoundation.org/AMRF/home.php The official site of the Dr. Miriam and Sheldon G. Adelson Medical Research Foundation]
* [http://www.latimes.com/business/la-fi-forbes10-2008oct10,0,7014536.story|Sheldon Adelson's net worth declined $4 billion from Aug. 29 to Oct. 1, the steepest drop among Americans who lost $1 billion or more during the credit crisis]