Billionaire Sheldon Gary Adelson is an American business magnate who’s personal net worth today is $35 billion.
Sheldon Adelson might be the best example of the American Dream you’ll ever hear about. He grew up in a poor neighborhood in Boston, the son of an immigrant taxi driver. As a child, Adelson worked as a paperboy to help support his struggling family. After dropping out of college, he earned minimum wage as a court reporter before joining the army.
Today, Sheldon Adelson is the majority owner of the world’s largest casino company, the Las Vegas Sands corp. His personal net worth is $35 billion.
Adelson is heavily involved in political funding. Formerly a Democrat, Adelson became a Republican as his wealth grew. Specifically, he was annoyed with the higher tax rates he had to pay and the influence of the trade unions, which he frequently clashed with and who are a big part of the Las Vegas casino workforce. He backed George W. Bush’s second presidential bid, Newt Gingrich and Mitt Romney, by contributing tens of millions of dollars to their campaigns, including a $20 million gift to Romney’s super PAC. Adelson also donates generously to charitable organizations, giving millions to various causes especially those that support Israeli and Jewish charity.
Today, the Las Vegas Sands corp is the largest casino company in the world with annual revenues of more than $11 billion. The company went public in 2004 and currently has a market cap $60.35 billion. Adelson remains the company’s Chief Executive Officer and Chairman. Thanks largely to his 52.3% ownership stake in the company, Sheldon Adelson’s personal net worth today is $35 billion.
But like most of Sheldon’s business ventures, even the Las Vegas Sands corp has experienced its share of ups and downs. When the economy tanked in 2008, Las Vegas tourism was obliterated. The trade show industry was especially hard hit. The low point was March of 2009 when the price of a single share of LVS stock hit an all time low of $1.70. Just 16 months earlier, LVS shares peaked at $140. That’s a 98.8% drop in value. Adelson saw his wealth plunge from $40 billion to less than $2 billion. Things got so bad that the company came literally within an inch of being forced into bankruptcy. As a last resort, Adelson invested $1 billion of his own personal cash to help the company get through the financial crisis. The gamble worked and eventually LVS recovered.
Sheldon Adelson was born into a poor family, dropped out of college, and lost large chunks of his fortune more than once due to unpredictable changes in the economy. By keeping his attention focused on the next big thing and never quitting, Adelsomn was able to earn one of the 15 largest personal fortunes on the planet. A true rags to riches American dream inspiration that comes complete with this private jet.
Born: August 4, 1933 (age 80), Boston, MA
Spouse: Miriam Ochsorn (m. 1991)
Education: City College of New York
Children: Mitchell Adelson, Gary Adelson
Structures: The Venetian Las Vegas
Sheldon Adelson is a casino magnate and also the 16th richest person in the world. He is famously known for his active roles and participations in supporting and funding the nation of Israel and Jewish communities both in Israel and the United States of America. His current wife is Dr. Miriam Adelson with whom he founded Adelson Foundation together.
Sands settled a money laundering investigation by agreeing to return $47 million in deposits made by a high-stakes player that Sands failed to report to U.S. government. Adelson built the $1.5 billion Venetian Resort in 1997 and the $1.9 billion Palazzo resort in 2008.
However, what you should know is that Dr. Miriam is not the only wife in Adelson’s life. Previously, he was married to Sandra Adelson. Sandra already had three children when she married Sheldon. Sheldon then adopted all of Sandra’s three children later. Together with Sandra, Sheldon Adelson has two sons, Mitchell and Gary. This means that there are five Sheldon Adelson children.
Sheldon was separated with Sandra in 1988. He then met Miriam one year after in a blind date. Miriam had two daughters already when she met Sheldon but it seemed that Sheldon did not adopted these children.
In November 1994, Adelson made a proposal to his two sons, Mitchell and Gary, and one daughter, Shelley, to receive 2,941.24 shares of Interface’s stock. However, Sheldon proposed to buy the shares back in 1989 for two reasons. The first one is because he cannot find an appropriate buyer for his stock and his two sons need further financial support considering their condition at that time with drug abuse history.
A problem then rose when later the children sued their father because Adelson had fraud them to sell the shares under their fair value. Unfortunately, these Sheldon Adelson children lost the case.