A look back at the life of Sheldon Adelson, casino mogul & kingmaker

A look back at the life of Sheldon Adelson, casino mogul & kingmaker

sheldon adelson - Casino

A self-made man like America loves them

Born into a family of Ukrainian Jewish descent, Sheldon Adelson grew up in a modest environment in the suburbs of Boston. His father is a taxi driver, and little Sheldon sells newspapers on the streets at the age of 12 instead of going to college. The rest is a fairy tale made in America.

Indeed, Sheldon Adelson brilliantly launches into business and becomes a loan broker. He founded several companies and weighed more than $ 5 million at the age of 30. Also donning the costume of real estate developer, the businessman acquired several casinos and created COMDEX , the world's leading IT fair.

In 2008, the subprime crisis caused him to lose 93% of his personal fortune, which fell to 3.5 billion dollars. Several hefty fines for corruption are also added to the picture. Subsequently, Sheldon Adelson nevertheless manages to bounce back thanks to investments made in Asia. In 2017, he was also the 18th largest fortune in the world with 38.4 billion dollars.

A considerable impact on the evolution of casinos

Known for his keen business acumen, Sheldon Adelson has also built his reputation through the gaming world. In 1988, he acquired the Sands , a casino-hotel located in Las Vegas, and undertook major renovations by adding an exhibition and convention center. It is also on this point that the magnate will upset the way of conceiving the casino.

The Venetian costs over $ 1.5 billion and is revolutionizing the Las Vegas hotel industry.

On his honeymoon in Venice in 1991, he had the idea of building a casino inspired by the buildings and canals of the Italian city. A few months later, he had the Sands destroyed and replaced by The Venetian. This new casino hotel costs more than $ 1.5 billion and is revolutionizing the Las Vegas hotel industry.

Indeed, The Venetian seems to give as much importance to entertainment and conventions as to the world of gaming. In view of its undeniable success, competing casinos will follow suit. Meanwhile, Sheldon Adelson will continue to invest in numerous gambling establishments around the world, including Macau and Singapore.

The man who whispered in Republicans ears

Coming from a Democratic family, Sheldon Adelson was nevertheless a fervent supporter of the Republican Party throughout his life. As proof, it is the largest private political investor in the United States with more than 308 million dollars spent since 1990!

Nicknamed the kingmaker, he supports politicians in line with his favorite subjects: the protection of Israel, lower taxes on wealth and the fight against drugs. Several prominent figures from the Republican Party thus participate in its conferences in the hope of obtaining a financial boost.

Sheldon Adelson notably financed Mitt Romney's presidential campaign in 2012, then that of Donald Trump in 2016. He also paid $ 113 million to the Republican Party during the midterm elections in November 2018 and $ 220 million for the outgoing president in 2020. This was not enough to grant his last wish…

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