What was Sheldon Adelson's Net Worth?
Sheldon Adelson was an American billionaire businessman and political power broker who had a net worth of $40 billion at the time of his death in January 2021. Sheldon earned his fortune as the majority owner and CEO of the casino company Las Vegas Sands. Though Adelson was considered synonymous with the gambling industry, he didn't enter this business until the age of 55. Prior to this, Adelson started more than 50 businesses. He finally struck gold as a co-founder of COMDEX, a computer trade show, with four partners in 1979.
In the year after taking Las Vegas Sands public in 2004, Adelson's net worth famously grew $1 million per hour, every hour including nights, weekends, and holidays. His net worth expanded all the way to $30 billion before the financial crisis of 2008 and at his lowest point in 2009, his net worth had sunk to $2 billion. Las Vegas Sands' most notable properties are The Venetian in Las Vegas, The Venetian Macao, The Palazzo in Las Vegas, and Marina Bay Sands in Singapore.
Sheldon is often referred to as a "rags to riches" billionaire, but Sheldon has taken issue with that description, noting that his family was so poor they couldn't even afford rags.
Early Life
Sheldon Gary Adelson was born on August 4th of 1933 in Boston, Massachusetts. His father was an immigrant who drove a taxi cab. Raised in a low-income, Jewish family with immigrant roots and Democrat leanings, the family lived in a two-room flat. The parents slept on a mattress, and the children slept on the floor. Sheldon started his entrepreneurial career at the age of 12, borrowing $200 from his uncle to start selling newspapers. At age 16, he borrowed another $10,000 to start a vending machine business.
After dropping out of college, Adelson joined the army. Following this, he started numerous other businesses, gradually increasing his net worth until he became a millionaire in the 1960s. However, he lost his entire fortune twice during this period and had to make it back again. Some of his early businesses included selling toiletries, magazine ads, mortgages, and even windshield de-icers.
COMDEX
Adelson's entrepreneurial success blossomed with the computer trade show COMDEX, which he co-founded in 1979 with four partners. This was perfectly timed with the rise of the computer industry. Within a few years, tech giants like Bill Gates and Steve Jobs used COMDEX to debut their latest products. By 1995, after it had become one of the biggest computer trade shows in the world, Adelson sold the business to SoftBank Corporation for $862 million, personally receiving over $500 million.
Casino Tycoon
In 1989, Adelson and his partners purchased the Sands Hotel and Casino in Las Vegas for $128 million, initially to build their convention space for COMDEX. After selling COMDEX in 1995, with $500 million and a $1.5 billion bank line of credit, Sheldon, who by now had bought out his partners, imploded the original Sands hotel and spent $1.5 billion to build the Venice-themed Venetian Resort Hotel Casino.
The creation of the Venetian revolutionized the Las Vegas hotel industry. It replaced old motels with grand resorts offering luxurious suites and amenities. Completed in 1999, The Venetian had 8,000 suites and a casino floor as large as two football fields by 2003.
(MIKE CLARKE/AFP via Getty Images)
By 2004, after taking the company public, Adelson was the majority owner. The public offering made him a billionaire. Over the next 12 months, his net worth increased by $1 million per hour, every hour, night, and weekends.
In 2007, he paid $265 million for a casino in Macau, proceeded to spend $2.4 billion constructing a 39-story hotel/casino, which is the world's seventh-largest building with a casino floor equal to ten football fields.
Over the years, Sheldon created numerous convention centers, casinos, and other projects worldwide. Eventually expanding into Macau, China – a well-known gambling city, and further projects in Singapore and Cotai. In 2020, Adelson controlled about 54% of LVS (Las Vegas Sands' ticker symbol), the world's largest casino operator generating around $14 billion in annual revenue.
Losses in 2008
Sheldon Adelson's wealth took a hit during the global recession of 2008. As economic conditions worsened, shares for Las Vegas Sands Corp. plummeted. In the first year, Adelson lost a total of $4 billion – the largest net loss suffered by any American billionaire at the time. By 2009, his net worth decreased to just $2 billion. However, his business recovered quickly, and by 2011, he had a net worth over $23 billion, making him the 16th-richest man in the world.
Political Donations
Outside of the gambling industry, Sheldon was known for his close involvement with Jewish and Israeli organizations and charities. He owned several Israeli and American newspapers. His support of Republican politicians drew significant attention. Presidential hopefuls would fly to Las Vegas hoping to impress the kingmaker. In 2004, Sheldon gave $92 million to campaigns and Super PACs supporting Republicans. In 2012, he announced his willingness to spend $100 million to prevent Barack Obama from having a second term. That cycle, he and his wife donated $93 million to Republicans. Sheldon and Miriam gave $82.58 million to Republicans in 2016 and $123.25 million during the mid-term elections in 2018. In the 2020 election cycle, the Adelsons donated $173 million to Republicans, making them the largest political donors in the world.
Las Vegas Review-Journal
In 2015, Sheldon paid $140 million to acquire The Las Vegas Review-Journal, the area's largest newspaper, using a shell company to conceal his ownership from its journalists. When revealed as the owner, a number of editors and staff members resigned.
Relationships
In the 1970s, Sheldon married his first wife, Sandra, and adopted her three children from a previous marriage. They divorced in 1988. Shortly after, he met and married Dr. Miriam Farbstein in 1991. They had two children.
Health Concerns
In 2001, Adelson was diagnosed with peripheral neuropathy, a disease affecting the peripheral nerves. This condition reduced his ability to stand and walk for long periods. In 2019, he began treatment for non-Hodgkin's lymphoma, a type of blood cancer. Despite health issues, Adelson continued to act as CEO of Las Vegas Sands.
Real Estate
From the mid-90s, Sheldon began establishing a considerable presence in Malibu Colony, one of the most exclusive areas in Malibu. Initially content with owning one property, he started purchasing more in 2013, including two homes for $13.3 million belonging to famed soap opera creator Lee Phillip Bell. These purchases continued over the years, resulting in more than $90 million spent on homes in the neighborhood.
In Las Vegas, Sheldon's estate includes the largest private residence in Clark County, Nevada. After buying a 3-acre lot in 2005 for $4 million, the Adelsons spent eight years constructing a 44,000-square-foot home comprising three legal lots, including a private water park in the backyard.
Death
Sheldon Adelson died on January 11, 2021, at the age of 87 due to complications related to non-Hodgkin's lymphoma.
