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Person

Sheldon Adelson

Nationality:

American
Born:

August 4, 1933
Death:

January 11, 2021
Net Worth:

$35 Billion
Occupation(s):

CEO, Las Vegas Sands

Co-Founder, Adelson Family Foundation

Co-Founder, Dr. Miriam and Sheldon G. Adelson Foundation for Medical Research

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Sheldon Adelson was the chairman and CEO of the Las Vegas Sands casino-management firm. Adelson had previously donated to political campaigns for members of the Republican Party as well as nonprofit organizations with pro-Israeli causes. 1 During his tenure as its chairman and CEO, the Las Vegas Sands Company expanded to operate casinos in China and Singapore. 2 3

Adelson passed away on January 11, 2021, at age 87 at an estimated net worth of $35 billion. 4 In 2020, Forbes magazine ranked Adelson as the 19th-richest person in the United States at the time. 2 Sheldon and his second wife, Miriam Adelson, reportedly spent over $500 million towards donations to political campaigns for Republicans, nonprofits advancing pro-Israeli advocacy, and conservative-leaning causes. 3

Early Life

Sheldon Adelson was born on August 4, 1933, in the Dorchester neighborhood of Boston, Massachusetts 5 to Jewish immigrants. 2 3

Adelson began selling newspapers at age 12. 2 By age 16, he bought several vending machines to place at gas stations where taxi drivers could refill including his father. 3 Adelson would later claim that the vending machine business eventually made him a millionaire by the age of 30. 6 He would later drop out of City College of New York and join the Army. He would marry his first wife Sandra and adopt her three children until the two divorced in 1988. He would marry his second wife, Israeli-born doctor Miriam Farbstein-Ochshorn, in 1991 and would have two children. They would remain married until his death in 2021. 2

Business Background

Pre-Casino Business Ventures

Sheldon Adelson initially served in several positions including a mortgage broker, investment adviser, and a finance consultant. 7 3 In 1979, he started a technology trade show and computer convention called COMDEX. He sold his stake in the venture in 1995 for more than $800 million to Japanese software developer Masayoshi Son. 2 Elliot, Phillip. “Sheldon Adelson Has Died. The GOP Kingmaker Was Key to Many Political Careers—Including Trump’s.” Time. January 12, 2021. Accessed October 13, 2024. https://time.com/5543562/sheldon-adelson-dies/[/note]

Casino Career

In 1989, Sheldon Adelson bought the Sands Hotel in Las Vegas, which he later renamed the Venetian, and oversaw renovations by 1996. 1 2 3 4

In 2004, he built another casino in the People’s Republic of China (PRC) called the Sands Macao. He later expanded to Singapore with the Marina Bay Sands hotel by. During the 2008 recession, Adelson invested $1 billion of his personal money to protect the Sands company. During the Covid-19 Pandemic in 2020, Adelson provided full pay and benefits to 10,000 Las Vegas Sands employees and 1,200 employees other employees working at the 14 independently operated restaurants in the resort. 3 3 5

Political Activism

Sheldon Adelson and his second wife Miriam have reportedly donated over $500 million to the political campaigns of Republican party candidates, nonprofit groups with pro-Israeli advocacy, and conservative-leaning foundations. 3 In addition, Sheldon reportedly donated to members of the Israeli Likud political party led by Israeli Prime Minister Benjamin Netanyahu. 8 2

According to the Center for Responsive Politics (CPR), during the 2020 election cycle the Adelsons reportedly spent $218 million in political donations. 9

In a 2012 interview with the Wall Street Journal, Adelson claimed he was a “basically a social liberal” that supported policies towards abortion access and immigration. However, he also claimed to have left the Democrat Party over differences on policies towards the State of Israel and tax legislation. 2 He was a reportedly a donor to the Republican Jewish Coalition, an advocacy group that arranges and funds trips to the State of Israel for members of the Republican party. 10

He previously donated to former president George W. Bush’s presidential campaigns in 2000 and 2004. Following the 2004 election, Sheldon and his wife each donated $250,000 to then-President George W. Bush’s second inauguration ceremony. 11

During the Republican primary for the 2008 election cycle, he donated to former New York City Mayor Rudy Giuliani but eventually moved to support then-U.S. Sen. John McCain (R-AZ), whom would become the Republican presidential nominee before losing to then-junior U.S Sen. Barack Obama (D-IL) in November. 2

During the 2012 election cycle, he initially donated $11 million to the campaign of former House Speaker Newt Gingrich during the Republican primary. After former Massachusetts Gov. Mitt Romney (R) won the nomination, Sheldon and Miriam Adelson spent $20 million to a pro-Romney super PAC. They spent a total of $90 million towards the campaigns of Republican candidates during the 2012 election cycle. 4 3

During the 2016 election cycle, he initially donated to U.S. Sen. Marco Rubio‘s (R-FL) campaign for the Republican primary. 2 Following Donald Trump winning the Republican nomination, Adelson contributed another $25 million toward Trump’s election before winning the general election in November 2016. 11

He also spent roughly $123 million on the campaigns for Republican candidates and pro-conservative activist groups during the 2018 midterm election cycle. 3

He reportedly spent over $180 million during the 2020 presidential elections. Of that, roughly $75 million was contributed towards a super PAC opposing the campaign of Democrat Presidential nominee Joe Biden as well as an additional $1.2 million on a joint fundraising committee supporting then-President Trump. 3

Philanthropy

Sheldon Adelson was a founding trustee of the Adelson Family Foundation. 7

Following his son Mitchell’s death, from his first marriage, due to an overdose in 2005, he and Miriam established the Dr. Miriam and Sheldon G. Adelson Foundation for Medical Research to support the treatment of substance abuse. 2 7

Adelson was a previous donor to the American Israel Public Affairs Committee (AIPAC), but halted donations near the mid 2000’s claiming the group was too moderate regarding relations between the State of Israel and the Palestinian territories. He would later begin donations to the Israeli-American Council. 6

In addition, Adelson contributed hundreds of millions to Birthright Israel, an advocacy group that pays for American Jews to visit the state of Israel for 10-day trips. He gave donated tens of millions to Yad Vashem, the Israeli memorial to Holocaust victims. Adelson also contributed to the Zionist Organization of America and One Jerusalem. 10 11

Media Holdings

Sheldon Adelson was a donor to Israeli newspaper Israel Hayom (Hebrew for “Israel Today”), including a $200 million donation to the newspaper in 2014. 2 6

In 2015, Adelson bought the Las Vegas Review-Journal for $140 million in December 2015, while several local staff resigned in protest following the purchase. Under Adelson’s ownership, the Review Journal was the first major newspaper to endorse Donald Trump’s campaign for president during the 2016 general election. 4 12

The Review-Journal editorial board also endorsed then-president Donald Trump’s reelection campaign during the 2020 presidential elections. However, following the election and president Joe Biden’s victory in the general election, the board called for then-President Trump to concede to Biden. 3

Controversy and Litigation

In 2012, Adelson sued a Wall Street Journal reporter for an article released that year that referred to him as “foul-mouthed.” The two sides settled, but the words remained in the article. 2

Following his 1995 selling of his stake in computer convention COMDEX to Japanese software developer Masayoshi Son, his sons from his first marriage, Gary and Mitchell Adelson, sued their father, claiming he cheated them out of money from the sale. 13 Sheldon would end up winning the case, with the presiding judge claiming that although Adelson was “a harsh, demanding, unfeeling, successful businessman” he had not cheated his sons. 4

In 2016, Adelson settled for $9 million with the Securities and Exchange Commission (SEC) regarding accusations members of his Sands Macao hotel chain had bribed Chinese officials. Adelson also paid a $75 million settlement to a former executive in Macau who sued over claims he had resigned after being ordered to find harmful materials on Chinese state regulators to allegedly allow prostitution on his Sands properties in Macau. 13

Death and Burial

Sheldon Adelson died at the age 87 on January 11th, 2021, due to complications related to treatment for non-Hodgkin’s lymphoma. 2 Adelson’s net worth was an estimated $35 billion upon his death. 4

Adelson was buried in at Yad Vashem, the state of Israel’s national memorial to the victims of the Holocaust. 8 During the private funeral, Israeli Prime Minister Benjamin Netanyahu reportedly eulogized Adelson, calling him “an incredible champion of the Jewish people, the Jewish state and the alliance between Israel and America.” 14

References

  1. “Sheldon Adelson Profile.” 2020 Forbes 400. Forbes. September 8, 2020. Accessed October 13, 2024  https://www.forbes.com/profile/sheldon-adelson/
  2. Pierceall, Kimberly. “Sheldon Adelson, casino mogul and GOP power broker, dies.” Associated Press. January 12, 2021. Accessed October 13, 2024. https://apnews.com/article/sheldon-adelson-dead-4190a83940ee8e5b904791dee0b82fea
  3. Yakowicz, Will and Bertoni, Steven. “The Improbable Life Of Sheldon Adelson, Republican Kingmaker And Casino Billionaire.” Forbes. January 12, 2021. Accessed October 13, 2024. https://www.forbes.com/sites/willyakowicz/2021/01/12/casino-billionaire-republican-power-broker-and-trump-ally-sheldon-adelson-is-dead/
  4. Elliot, Phillip. “Sheldon Adelson Has Died. The GOP Kingmaker Was Key to Many Political Careers—Including Trump’s.” Time. January 12, 2021. Accessed October 13, 2024. https://time.com/5543562/sheldon-adelson-dies/
  5. Johnson, Peter G. “Sheldon Adelson, Las Vegas convention visionary and philanthropist, dies at 87.” Las Vegas Review Journal. January 12, 2021. Accessed October 13, 2024. https://www.reviewjournal.com/business/casinos-gaming/sheldon-adelson-las-vegas-convention-visionary-and-philanthropist-dies-at-87-2250326/
  6. Tibon, Amir. “Sheldon Adelson, Jewish-American Billionaire, Conservative Megadonor and Netanyahu Patron, Dies at 87.” Haaretz. January 12, 2021. Accessed October 13, 2024. https://www.haaretz.com/israel-news/2021-01-12/ty-article/sheldon-adelson-jewish-american-billionaire-netanyahu-patron-dies-at-87/0000017f-dfdf-dac4-abff-ffdf09250000
  7. “Leadership.” Adelson Family Foundation. Accessed October 13, 2024. https://adelsonfoundation.org/AFF/leadership.html
  8. Kellman, Laurie. “Israel’s benefactor Adelson leaves controversial legacy.” Associated Press. January 13, 2021. Accessed October 13, 2024. https://apnews.com/article/donald-trump-israel-las-vegas-mass-shooting-elections-benjamin-netanyahu-7497d81e4622c2dcd609d6d737166e7f
  9. Schneider, Elena and Isenstadt, Alex.  “Sheldon Adelson’s super PAC spending spree shaped GOP politics.” Politico.  January 12, 2021. Accessed October 13, 2024. https://www.politico.com/news/2021/01/12/adelson-super-pac-gop-458380
  10. Johnson, Eliana. “Sheldon Adelson: The Megadonor Who Underwrote the GOP’s Pro-Israel Shift.” Politico. December 27, 2021. Accessed October 13, 2024. https://www.politico.com/news/magazine/2021/12/27/2021-obituary-sheldon-adelson-520597
  11. Kane, Alex. “Sheldon Adelson’s Fortune Helped Turn the GOP Into the Party of Israeli Apartheid.” The Intercept. January 12, 2021. Accessed October 13, 2024. https://theintercept.com/2021/01/12/sheldon-adelson-trump-israel-republican-party/
  12. Duham, Will. “Sheldon Adelson, casino mogul who made big bets on Trump and Netanyahu, dies at 87. Reuters. January 12, 2021. Accessed October 13, 2024. https://www.reuters.com/business/sheldon-adelson-casino-mogul-who-made-big-bets-trump-netanyahu-dies-87-2021-01-12/
  13. Chawkins, Steve. “Sheldon Adelson, billionaire casino owner and Republican mega-donor, dies at 87.” Los Angeles Times. January 12, 2021. Accessed October 14, 2024. https://www.latimes.com/obituaries/story/2021-01-12/sheldon-adelson-dead
  14. “Billionaire right-wing patron Adelson buried in Jerusalem.” Associated Press. January 15, 2021. Accessed October 13, 2024. https://apnews.com/article/donald-trump-israel-united-states-benjamin-netanyahu-sheldon-adelson-46bd25b01da33c05c56bf79a7dff3cff
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