Richest US Jew - Sheldon Adelson - Opens the $1.8 Billion Venetian Macao Hotel and Casino

Sheldon Adelson (Gambling and Trade Shows) is the richest US Jew.

Forbes says Adelson is worth $20.5 Billion, making him the third richest person in the US right behind Gates and Buffet:

Son of a Boston cabdriver borrowed $200 from his uncle to sell newspapers at age 12. Made first fortune in trade shows. Created computer industry's premier show, Comdex, mid-1980s; ran 70% profit margin renting space for 15 cents a square foot and leasing it to exhibitors for up to $40 a square foot. Sold show to Japan's Softbank for $862 million in 1995.

Then Las Vegas: bought old Sands casino for $128 million, demolished it to build the $1.5 billion all-suites Venetian casino resort and the 1.2-million-square foot Sands Convention Center. Changed the way Vegas does business by enticing conventioneers to Sin City midweek, taking emphasis off gambling. Sold suites for $250 a night, added high-end retailers, celebrity-chef restaurants.

Old guard mocked him: "I loved being the outsider. I didn't care what those guys said." Took Las Vegas Sands public December 2004; stock up 135% since. With family owns 244 million shares worth $17 billion. Net worth 10 times that of archnemesis Steve Wynn (see); building $1.8 billion Palazzo resort adjacent to Wynn Las Vegas.

Big bet on Asia: opened $265 million Sands Macau casino May 2004, recouped entire investment in one year. Ramping up construction on Cotai Strip: $6 billion project will place 7 hotel-casinos on Macau's 2 islands, Taipa and Coloane. Cornerstone of project will be $1.8 billion Venetian Macau.

In May won coveted Singapore gaming license. Plans to build $3.5 billion Marina Bay Sands on 51-acre site with a view of the city's skyline. Expertise in conventions put him ahead of rivals MGM Mirage and Harrah's Entertainment despite their partnering with Singapore companies.

According to Yediot over in Israel in February he decided to donate $25 million for free trips to Israel:
Richest US Jew pledges USD 25 million to Taglit - birthright israel

Adelson family gift will double to at least 20,000 the number of free summer trips to Israel offered to Diaspora Jews by birthright israel; 'The birthright israel program is one of the best ideas of our time,' Sheldon Adelson says

Ynetnews Published: 02.06.07, 22:03

A new gift to the Taglit - birthright israel program (BRI) will double to at least 20,000 the number of free summer trips to Israel offered by BRI this summer.

The gift is being made by The Adelson Family Charitable Foundation, established by philanthropists Dr. Miriam and Sheldon G. Adelson, one of the world's richest people and the richest Jew in the United States.
The USD 25 million gift is in addition to a grant made by the Foundation to birthright israel in December to fund 2,000 additional spaces for the winter session, and brings the Foundation's total contribution this year to USD 30 million. The Foundation anticipates making similar gifts to birthright israel in future years.

Taglit - birthright israel is funded by the Government of Israel , private philanthropists and Jewish communities around the world. The USD 25 million gift is contingent upon BRI’s other funding partners maintaining their annual collective commitment of USD 51 million.

Adelson, estimated by the Forbes Magazine to be worth over USD 16 billion, said, “The birthright israel program is one of the best ideas our time has seen because it has the greatest potential to maintain the Jewish continuity in the face of growing assimilation.

Expanded repost of 2/7/07

1 comment:

Anonymous said...

"Adelson is worth $20.5 Billion, making him the third richest person in the US"

Sell just a few more of your books:
and you'll get there.