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Sheldon Adelson Net Worth: Casino Tycoon and Political Power Broker
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Net Worth
Sheldon Adelson had a net worth of $40 billion at the time of his death in January 2021. As an American billionaire businessman and political power broker, Adelson amassed his fortune as the majority owner and CEO of the casino company Las Vegas Sands.
Highlights
- Sheldon Adelson was a renowned casino tycoon and political donor.
- He earned his fortune as the majority owner and CEO of Las Vegas Sands.
- Adelson had a net worth of $40 billion at the time of his death in 2021.
- He started more than 50 businesses before entering the gambling industry.
- Adelson co-founded the computer trade show COMDEX, which became a huge success.
- Las Vegas Sands’ most notable properties include The Venetian, The Palazzo, and Marina Bay Sands.
- Adelson was a major political donor, particularly to Republican candidates.
- He was known for his support of Jewish and Israeli organizations and charities.
- Adelson owned several newspapers, including The Las Vegas Review-Journal.
Early Life
Sheldon Gary Adelson was born on August 4, 1933, in Boston, Massachusetts. He grew up in a low-income Jewish family with immigrant roots. Adelson’s entrepreneurial spirit emerged at a young age when he started selling newspapers at 12 and later ventured into a vending machine business with a borrowed $10,000 at 16.
Career
Before entering the gambling industry, Adelson started more than 50 businesses. However, his breakthrough came with the co-founding of COMDEX, a computer trade show, in 1979. The success of COMDEX paved the way for his entry into the casino industry.
In 1989, Adelson and his partners purchased the Sands Hotel and Casino in Las Vegas and built the Venetian Resort Hotel Casino on the site. The Venetian revolutionized the Las Vegas hotel industry and became one of Adelson’s most successful ventures.
Over the years, Adelson expanded his business empire into Macau, China, and other locations worldwide. He controlled about 54% of Las Vegas Sands (LVS), the world’s largest casino operator, generating approximately $14 billion in annual revenue.
Personal Life
During the 1970s, Adelson married his first wife, Sandra, and adopted her three children from a previous marriage. After their divorce in 1988, he married Dr. Miriam Farbstein in 1991, and they had two children together.
Adelson was known for his close involvement with various Jewish and Israeli organizations and charities. He also owned several Israeli and American newspapers.
Despite health concerns such as peripheral neuropathy and non-Hodgkin’s lymphoma, Adelson continued to serve as the CEO of Las Vegas Sands until his death.
Net Worth Over Time
Sheldon Adelson’s net worth fluctuated significantly throughout his life. After taking Las Vegas Sands public in 2004, his net worth grew exponentially, reaching $30 billion before the 2008 financial crisis. However, during the recession, his wealth plummeted, and by 2009, his net worth had dropped to $2 billion. Adelson’s fortune recovered relatively quickly, and by 2011, he had increased his net worth to over $23 billion, making him one of the world’s richest individuals.
Components of Net Worth
Sheldon Adelson’s net worth primarily stemmed from his ownership of Las Vegas Sands. As the majority owner and CEO, his stake in the company played a significant role in his overall wealth. Additionally, Adelson owned various real estate properties, including homes in the exclusive Malibu Colony neighborhood and a 44,000-square-foot residence in Las Vegas.
His philanthropic activities and political donations also influenced his net worth, as he supported numerous causes and contributed substantial amounts to Republican campaigns and organizations.
Despite his passing, Sheldon Adelson’s impact on the casino industry, political landscape, and charitable endeavors will not be forgotten. His entrepreneurial spirit and business acumen solidified his place as one of the most prominent figures in both the financial and political realms.
