How Sheldon Adelson Came From Nothing To Build The Largest Casino Empire In The World
But of course, all of that only dates back to 2001 at the earliest. We wanted to take you back to the beginning, and explain how Adelson ended up at the top of the casino world.
If you missed that, you’ll quickly agree that he’s come a long, long way.
Sheldon Adelson came from nothing.
His first big deal was reportedly buying out a newsstand at age 12.
He still maintains a lifelong interest in newspapers.
He enrolled at City College in the Bronx, but dropped out.
He didn’t hit it big until 1979, when at age 46 he started Comdex.
In 1988, Adelson bought the creaking Sands casino.
At $128 million, it was a relative bargain.
Eight years later, he had it demolished.
He had bigger plans in mind.
In 1999, The Venetian opened where Sands formerly stood.
It’s debut in 1999 yielded a couple great scenes…
Like this one with Cher.
And this one.
He seems outmatched with Sophia Loren.
Four years later, Adelson was in Macau.
He was one of just two Americans to get a license from the Chinese. Archrival Steve Wynn was the other.
It’s now the main profit center for Adelson’s company.
Last quarter, casino revenue dropped 25.7% in Vegas but was up 12.6% at the Venetian Macau and 41.6% at the Four Seasons Macau.
Sands went public with an IPO in December 2004.
The recession took a huge bite out of the company’s shares, but they’ve largely bounced back.
When you get such a late start in life, the hits also start coming later.
In 2004, Sands paid a $1 million penalty for allegedly rigging a contest to win a Mercedes-Benz.
In 2007, he founded his own free newspaper in Israel.
And as previously stated, he lost $36 billion in the wake of Lehman.
That’s 11 digits.
Source: The Australian
But he shrugged off much of it and delved into politics. Deeply.
It’s also easy to shrug when you’re the 15th richest person on the planet.
In 2010, he opened a $5.7 billion casino complex in Singapore.
Jennifer Polland/ Business Insider
It includes this “Sky Park that sits atop a trio of 55-storey towers.”
Source: The Australian
So he’s unlikely to be fazed by the latest trial.
Uriel Sinai/Getty Images
He faces as much as $328 million in damages, but up against everything else, that sum is relatively paltry.
Though there’s a separate investigation into another Chinese consultant.
The New York Times’ Michael Luo reported last August that Yang Saixin “is a focus of a wide-ranging federal investigation into potential bribery of foreign officials and other matters in China and Macau.”
Source: New York Times