Sheldon Adelson
Encyclopedia
Sheldon Gary Adelson is an American
casino
magnate. 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. He is currently the 8th wealthiest American and 16th wealthiest person in the world, with a net worth of $21.5 billion.
, but dropped out.
Originally a Democrat, Adelson became a Republican as his wealth increased. "Why is it fair that I should be paying a higher percentage of taxes than anyone else?" he once asked. He began making major contributions to the Republican National Committee
following clashes with labor unions at his Las Vegas properties.
Adelson divorced his first wife, Sandra, in 1988 and met his current wife, Miriam Ochsorn, an Israeli physician, on a blind date the following year. They were married in 1991.
, 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 through the exhibition industry. The following year, Adelson and his partners constructed the Sands Expo and Convention Center, then the only privately owned and operated convention center
in the United States.
In 1991, while honeymooning in Venice with his second wife, Miriam, Adelson said he found the inspiration for a mega-resort hotel. He razed (by implosion) the 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 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 increased his wealth when he took the stock public in December 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, Marina Bay Sands, opened in 2010 at a rumored cost of US$5.4 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.
In September 2007, Adelson announced that the Sands would open its second hotel, the Sands Macao Hotel in Macau
in October of that year.
In 2007, Adelson made an unsuccessful bid to purchase the Israel
i 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. The first edition of the new newspaper, Israel HaYom
, was published on July 30, 2007.
According to Target Group Index
(TGI) survey published in July 2011, Israel Hayom
, which in contrast to all other Israeli newspapers is distributed for free, surpassed all other newspapers, including Yedioth Ahronoth
and became number one daily newspaper (for weekdays) four years after its inception.
This survey states that Israel Hayom
has 39.3% weekdays readership exposure , Yedioth Ahronoth
37% , Maariv
12.1% and Haaretz
5.8%. But Yedioth Ahronoth’s weekend edition is still leading with 44.3% readership exposure compared to 31% of Israel Hayom
weekend edition, 14.9% of Maariv
and 6.8% of Haaretz
. This trend was already observed by TGI survey in July 2010.
. In 2006 Adelson contributed $25 million to the organization Birthright Israel
, which finances Jewish youth trips to Israel. Also in 2006 Adelson contributed $25 million to the Yad Vashem Holocaust Martyrs' and Heroes' Remembrance Authority. In 2007, Adelson pledged another $25 million to the Taglit-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. This foundation initiated the Adelson Program in Neural Repair and Rehabilitation (APNRR) with $7.5 million donated to collaborating researchers at 10 universities.
In 2010, Adelson donated $1,000,000 to Newt Gingrich
's organization, American Solutions for Winning the Future
.
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
(R) about a bill proposed by Representative Tom Lantos
(D) 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 former Israel
i Prime Minister
Ehud Olmert
supports, as a "betrayal of principle." Adelson opposed the 2007 Annapolis Peace Conference
. Adelson has been a close ally of Prime Minister Benjamin Netanyahu
, who has since retaken that office and proposed a demilitarized Palestinian state with limited sovereignty.
The New Yorker article also described how Shelley Berkley
, a Nevada Democratic Party
congresswoman 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.
In 2011, the Israeli press said that Adelson was unhappy with coverage of him on Israeli Channel Ten, alleging that Adelson had acquired a casino license in Las Vegas inappropriately through political connections. He reportedly forced the channel to apologize. This in turn led to the resignation of the news chief, Reudor Benziman, the news editor, Ruti Yuval and the news anchor, Guy Zohar who objected to the apology. After two months of deliberations, the Israeli Second Authority for Television and Radio has ruled that although there were some flaws in the manner in which the apology had been conducted, the decision to apologize had been correct and appropriate.
for both 2007 and 2008. In 2008, the share prices of the Las Vegas Sands
Corp. plunged. And in November, 2008, Las Vegas Sands Corp. announced that it might default on bonds that it had outstanding, signaling the potential bankruptcy
of the concern. Adelson lost $24 billion in 2008, more than any other American billionaire. In Forbes 2009 world billionaires list, his ranking dropped to #178 with a net worth of $3.4 billion, but in 2011 he was ranked as the world's 16th richest man with a fortune amounting to $23.3 billion.
of the Smithsonian Institution
on March 25, 2008.
Sheldon Adelson received the Chairman's Award from the Nevada Policy Research Institute
, a think tank in Las Vegas, for his efforts to advance free market
principles in Nevada.
Additionally, President George W. Bush
appointed the Adelsons to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
magnate. Adelson is Chairman and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the Las Vegas Sands
Las Vegas Sands
Las Vegas Sands Corp. is an integrated resort company based in Paradise, Nevada, USA.-History:Founded in 1988, the company was the owner and operator of the Sands Hotel, which was demolished in 1996 to make room for The Venetian, which opened in 1999....
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
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
of Las Vegas Sands in December 2004. He is currently the 8th wealthiest American and 16th wealthiest person in the world, with a net worth of $21.5 billion.
Biography
Adelson was born and grew up in the Dorchester neighborhood of Boston, Massachusetts. 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. Adelson went to college at the City College of New YorkCity College of New York
The City College of the City University of New York is a senior college of the City University of New York , in New York City. It is also the oldest of the City University's twenty-three institutions of higher learning...
, but dropped out.
Originally a Democrat, Adelson became a Republican as his wealth increased. "Why is it fair that I should be paying a higher percentage of taxes than anyone else?" he once asked. He began making major contributions to the Republican National Committee
Republican National Committee
The Republican National Committee is an American political committee that provides national leadership for the Republican Party of the United States. It is responsible for developing and promoting the Republican political platform, as well as coordinating fundraising and election strategy. It is...
following clashes with labor unions at his Las Vegas properties.
Adelson divorced his first wife, Sandra, in 1988 and met his current wife, Miriam Ochsorn, an Israeli physician, on a blind date the following year. They were married in 1991.
COMDEX and casinos
The original source of Adelson's wealth and current investments was the computer trade show COMDEXCOMDEX
COMDEX was a computer expo held in Las Vegas, Nevada, each November from 1979 to 2003. It was one of the largest computer trade shows in the world, usually second only to the German CeBIT, and by many accounts one of the largest trade shows in any industry sector...
, 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
Sands Hotel
The Sands Hotel was a historic Las Vegas Strip hotel/casino that operated from December 15, 1952 to June 30, 1996. Designed by architect Wayne McAllister, the Sands was the seventh resort that opened on the Strip....
in Las Vegas, Nevada
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, the former hangout of Frank Sinatra
Frank Sinatra
Francis Albert "Frank" Sinatra was an American singer and actor.Beginning his musical career in the swing era with Harry James and Tommy Dorsey, Sinatra became an unprecedentedly successful solo artist in the early to mid-1940s, after being signed to Columbia Records in 1943. Being the idol of the...
and the Rat Pack
Rat Pack
The Rat Pack was a group of actors originally centered on Humphrey Bogart. In the mid-1960s it was the name used by the press and the general public to refer to a later variation of the group, after Bogart's death, that called itself "the summit" or "the clan," featuring Frank Sinatra, Dean...
, in order to bring Las Vegas to a new phase of business through the exhibition industry. The following year, Adelson and his partners constructed the Sands Expo and Convention Center, then the only privately owned and operated convention center
Convention center
A convention center is a large building that is designed to hold a convention, where individuals and groups gather to promote and share common interests. Convention centers typically offer sufficient floor area to accommodate several thousand attendees...
in the United States.
In 1991, while honeymooning in Venice with his second wife, Miriam, Adelson said he found the inspiration for a mega-resort hotel. He razed (by implosion) the Sands and spent $1.5-billion to construct the The Venetian, a Venice
Venice
Venice is a city in northern Italy which is renowned for the beauty of its setting, its architecture and its artworks. It is the capital of the Veneto region...
-themed resort hotel and casino. The luxurious, all-suite Venetian revolutionized the Las Vegas
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
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 over $500 million.
Adelson spearheaded a major project to bring the Sands name to the Macao SAR
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, the Chinese gambling city that was a Portuguese colony until December 1999. The one million-square-foot Sands Macau
Sands Macau
Sands Macao is a casino resort located in Macau Peninsula, Macau. It is owned and operated by the Las Vegas Sands Corporation, and was designed by Steelman Partners, LLP...
became the People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
'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 increased his wealth when he took the stock public in December 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
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
Marina Bay. The new casino, Marina Bay Sands, opened in 2010 at a rumored cost of US$5.4 billion.
In August 2007, Adelson opened the $2.4 billion Venetian Macao
The Venetian Macao
The Venetian Macao is a hotel and casino resort in Macau owned by the Las Vegas Sands corporation. The Venetian is a 40-story, $2.4 billion anchor for the 7 hotels on the Cotai Strip in Macau...
Resort Hotel on Cotai
Cotai
Cotai is a 5.2 km2 piece of newly reclaimed land between Taipa and Coloane islands in Macau, that has not yet been assigned to any of the freguesias. The Chinese and Portuguese names are a portmanteau of the two islands, Coloane and Taipa....
and announced that he planned to create a massive, concentrated resort area he called the Cotai Strip
Cotai Strip
The Cotai Strip is the casino and tourism project in the Cotai District, Macau, inspired by the Las Vegas Strip in Nevada, USA, on a considerably smaller scale....
, after its Las Vegas
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
counterpart. Adelson said that he planned to open more hotels under brands such as Four Seasons
Four Seasons Hotels and Resorts
Four Seasons Hotels, Inc. is a Canadian-based international ultra-luxury, five-star hotel management company. Travel + Leisure magazine and Zagat Survey rank the hotel chain's 84 properties among the top luxury hotels worldwide...
, Sheraton
Sheraton Hotels and Resorts
Sheraton Hotels and Resorts is Starwood Hotels & Resorts Worldwide's largest and second oldest brand . Starwood's headquarters are in White Plains, New York.-Sheraton history:...
and St. Regis. His Las Vegas Sands
Las Vegas Sands
Las Vegas Sands Corp. is an integrated resort company based in Paradise, Nevada, USA.-History:Founded in 1988, the company was the owner and operator of the Sands Hotel, which was demolished in 1996 to make room for The Venetian, which opened in 1999....
plans to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010.
In September 2007, Adelson announced that the Sands would open its second hotel, the Sands Macao Hotel in Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
in October of that year.
In 2007, Adelson made an unsuccessful bid to purchase the Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
i newspaper Maariv. When this failed, he proceeded with parallel plans to publish a free daily newspaper
Free daily newspaper
Free daily newspapers are distributed free of charge, either in central places in cities and towns, or with other newspapers. The revenues of such newspapers are based on advertising.-In the U.S.:...
to compete with Israeli
Israeli (newspaper)
Israeli was an Israeli daily Hebrew language newspaper distributed for free in railway stations, bus terminals, and Delek gas stations. Based on the concept of the Metro free daily newspapers, it was geared toward a young, urban, and mobile clientele....
, a newspaper he had co-founded in 2006 but had left. The first edition of the new newspaper, Israel HaYom
Israel HaYom
Israel HaYom is an Israeli national Hebrew-language free daily newspaper first published on July 30, 2007 and currently published in Tabloid format. The name is a variation of the popular USA Today, though there is no relation between the two publications...
, was published on July 30, 2007.
According to Target Group Index
Target Group Index
TGI or is the longest established single source marketing and media survey in Britain and was established by BMRB in 1969. TGI has since expanded into over 60 countries with over 700,000 people being interviewed every year....
(TGI) survey published in July 2011, Israel Hayom
Israel HaYom
Israel HaYom is an Israeli national Hebrew-language free daily newspaper first published on July 30, 2007 and currently published in Tabloid format. The name is a variation of the popular USA Today, though there is no relation between the two publications...
, which in contrast to all other Israeli newspapers is distributed for free, surpassed all other newspapers, including Yedioth Ahronoth
Yedioth Ahronoth
Yedioth Ahronoth is a daily newspaper published in Tel Aviv, Israel. Since the 1970s, it has been the most widely circulated paper in Israel. In a TGI survey comparing the last half of 2009 with the same period in 2008, Yedioth Ahronoth retained the title of most widely read newspaper in Israel...
and became number one daily newspaper (for weekdays) four years after its inception.
This survey states that Israel Hayom
Israel HaYom
Israel HaYom is an Israeli national Hebrew-language free daily newspaper first published on July 30, 2007 and currently published in Tabloid format. The name is a variation of the popular USA Today, though there is no relation between the two publications...
has 39.3% weekdays readership exposure , Yedioth Ahronoth
Yedioth Ahronoth
Yedioth Ahronoth is a daily newspaper published in Tel Aviv, Israel. Since the 1970s, it has been the most widely circulated paper in Israel. In a TGI survey comparing the last half of 2009 with the same period in 2008, Yedioth Ahronoth retained the title of most widely read newspaper in Israel...
37% , Maariv
Maariv
Maariv is a Hebrew language daily newspaper published in Israel. It is second in sales after Yedioth Ahronoth and third in readership after Yedioth Ahronoth and Israel HaYom. In a TGI survey comparing the last half of 2009 with the same period in 2008, Maariv saw its market share fall slightly...
12.1% and Haaretz
Haaretz
Haaretz is Israel's oldest daily newspaper. It was founded in 1918 and is now published in both Hebrew and English in Berliner format. The English edition is published and sold together with the International Herald Tribune. Both Hebrew and English editions can be read on the Internet...
5.8%. But Yedioth Ahronoth’s weekend edition is still leading with 44.3% readership exposure compared to 31% of Israel Hayom
Israel HaYom
Israel HaYom is an Israeli national Hebrew-language free daily newspaper first published on July 30, 2007 and currently published in Tabloid format. The name is a variation of the popular USA Today, though there is no relation between the two publications...
weekend edition, 14.9% of Maariv
Maariv
Maariv is a Hebrew language daily newspaper published in Israel. It is second in sales after Yedioth Ahronoth and third in readership after Yedioth Ahronoth and Israel HaYom. In a TGI survey comparing the last half of 2009 with the same period in 2008, Maariv saw its market share fall slightly...
and 6.8% of Haaretz
Haaretz
Haaretz is Israel's oldest daily newspaper. It was founded in 1918 and is now published in both Hebrew and English in Berliner format. The English edition is published and sold together with the International Herald Tribune. Both Hebrew and English editions can be read on the Internet...
. This trend was already observed by TGI survey in July 2010.
Philanthropy
Adelson donated over $25 million to the M.I.S. Hebrew Academy in Las Vegas to build a high school. In 2005, Adelson and his wife contributed $250,000 each (thus the total contribution from the couple was $500,000) to the second inauguration of President George W. BushGeorge W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
. In 2006 Adelson contributed $25 million to the organization Birthright Israel
Birthright Israel
Taglit-Birthright Israel is a Jewish Israeli registered charity that sponsors free 10-day heritage trips to Israel. Birthright Israel's goals are to diminish the division between Israel and Jewish communities around the world and to strengthen participants' personal Jewish identity and...
, which finances Jewish youth trips to Israel. Also in 2006 Adelson contributed $25 million to the Yad Vashem Holocaust Martyrs' and Heroes' Remembrance Authority. In 2007, Adelson pledged another $25 million to the Taglit-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. This foundation initiated the Adelson Program in Neural Repair and Rehabilitation (APNRR) with $7.5 million donated to collaborating researchers at 10 universities.
In 2010, Adelson donated $1,000,000 to Newt Gingrich
Newt Gingrich
Newton Leroy "Newt" Gingrich is a U.S. Republican Party politician who served as the House Minority Whip from 1989 to 1995 and as the 58th Speaker of the U.S. House of Representatives from 1995 to 1999....
's organization, American Solutions for Winning the Future
American Solutions for Winning the Future
American Solutions for Winning the Future was a 527 organization created by former Speaker of the United States House of Representatives Newt Gingrich for the stated purpose of engaging citizens and elected officials in a dialogue intended to propose solutions to problems affecting American society...
.
Controversies
A June 2008 profile in The New YorkerThe New Yorker
The New Yorker is an American magazine of reportage, commentary, criticism, essays, fiction, satire, cartoons and poetry published by Condé Nast...
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
Tom DeLay
Thomas Dale "Tom" DeLay is a former member of the United States House of Representatives, representing Texas's 22nd congressional district from 1984 until 2006. He was Republican Party House Majority Leader from 2003 to 2005, when he resigned because of criminal money laundering charges in...
(R) about a bill proposed by Representative Tom Lantos
Tom Lantos
Thomas Peter "Tom" Lantos was a Democratic member of the United States House of Representatives from 1981 until his death, representing the northern two-thirds of San Mateo County and a portion of southwest San Francisco...
(D) that would have prevented the US Olympic Committee from voting in favor of the Chinese bid to host the 2008 Summer Olympics
2008 Summer Olympics
The 2008 Summer Olympics, officially known as the Games of the XXIX Olympiad, was a major international multi-sport event that took place in Beijing, China, from August 8 to August 24, 2008. A total of 11,028 athletes from 204 National Olympic Committees competed in 28 sports and 302 events...
. 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
Two-state solution
The two-state solution to the Israeli-Palestinian conflict is the consensus solution that is currently under discussion by the key parties to the conflict, most recently at the Annapolis Conference in November 2007...
" for Israel and Palestine
Palestine
Palestine is a conventional name, among others, used to describe the geographic region between the Mediterranean Sea and the Jordan River, and various adjoining lands....
, which former Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
i Prime Minister
Prime Minister of Israel
The Prime Minister of Israel is the head of the Israeli government and the most powerful political figure in Israel . The prime minister is the country's chief executive. The official residence of the prime minister, Beit Rosh Hamemshala is in Jerusalem...
Ehud Olmert
Ehud Olmert
Ehud Olmert is an Israeli politician and lawyer. He served as Prime Minister of Israel from 2006 to 2009, as a Cabinet Minister from 1988 to 1992 and from 2003 to 2006, and as Mayor of Jerusalem from 1993 to 2003....
supports, as a "betrayal of principle." Adelson opposed the 2007 Annapolis Peace Conference
Annapolis Conference
-Attendees:U.S. Secretary of State Condoleezza Rice organized and hosted the conference. Palestinian President Mahmoud Abbas, Israeli Prime Minister Ehud Olmert, and U.S. President George W. Bush attended the meeting...
. Adelson has been a close ally of Prime Minister Benjamin Netanyahu
Benjamin Netanyahu
Benjamin "Bibi" Netanyahu is the current Prime Minister of Israel. He serves also as the Chairman of the Likud Party, as a Knesset member, as the Health Minister of Israel, as the Pensioner Affairs Minister of Israel and as the Economic Strategy Minister of Israel.Netanyahu is the first and, to...
, who has since retaken that office and proposed a demilitarized Palestinian state with limited sovereignty.
The New Yorker article also described how Shelley Berkley
Shelley Berkley
Rochelle "Shelley" Berkley is the U.S. Representative for , serving since 1999, and a candidate for U.S. Senate. She is a member of the Democratic Party.-Early life, education, and legal career:...
, a Nevada Democratic Party
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
congresswoman 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
Daily Mail
The Daily Mail is a British daily middle-market tabloid newspaper owned by the Daily Mail and General Trust. First published in 1896 by Lord Northcliffe, it is the United Kingdom's second biggest-selling daily newspaper after The Sun. Its sister paper The Mail on Sunday was launched in 1982...
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.
In 2011, the Israeli press said that Adelson was unhappy with coverage of him on Israeli Channel Ten, alleging that Adelson had acquired a casino license in Las Vegas inappropriately through political connections. He reportedly forced the channel to apologize. This in turn led to the resignation of the news chief, Reudor Benziman, the news editor, Ruti Yuval and the news anchor, Guy Zohar who objected to the apology. After two months of deliberations, the Israeli Second Authority for Television and Radio has ruled that although there were some flaws in the manner in which the apology had been conducted, the decision to apologize had been correct and appropriate.
Wealth
At one point, Adelson's estimated wealth was US$26.5 billion, making him the third richest person in the United States according to ForbesForbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
for both 2007 and 2008. In 2008, the share prices of the Las Vegas Sands
Las Vegas Sands
Las Vegas Sands Corp. is an integrated resort company based in Paradise, Nevada, USA.-History:Founded in 1988, the company was the owner and operator of the Sands Hotel, which was demolished in 1996 to make room for The Venetian, which opened in 1999....
Corp. plunged. And in November, 2008, Las Vegas Sands Corp. announced that it might default on bonds that it had outstanding, signaling the potential bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
of the concern. Adelson lost $24 billion in 2008, more than any other American billionaire. In Forbes 2009 world billionaires list, his ranking dropped to #178 with a net worth of $3.4 billion, but in 2011 he was ranked as the world's 16th richest man with a fortune amounting to $23.3 billion.
Awards and honors
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 ScholarsWoodrow Wilson International Center for Scholars
The Woodrow Wilson International Center for Scholars , located in Washington, D.C., is a United States Presidential Memorial that was established as part of the Smithsonian Institution by an act of Congress in 1968...
of the Smithsonian Institution
Smithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
on March 25, 2008.
Sheldon Adelson received the Chairman's Award from the Nevada Policy Research Institute
Nevada Policy Research Institute
The Nevada Policy Research Institute is a private non-profit, free-market and limited-government policy research organization based in Las Vegas, Nevada...
, a think tank in Las Vegas, for his efforts to advance free market
Free market
A free market is a competitive market where prices are determined by supply and demand. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts...
principles in Nevada.
Additionally, President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
appointed the Adelsons to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.