Sheldon Adelson

Sheldon Adelson

American businessman. Owner of a chain of casinos and hotels in Las Vegas.
Date of Birth: 06.08.1933
Country: USA

  1. Biography of Sheldon Adelson
  2. Early Life and Career
  3. Success in the Exhibition Industry
  4. Las Vegas Sands Corporation and Expansion into Macau
  5. Philanthropy and Political Involvement
  6. Net Worth and Recognition

Biography of Sheldon Adelson

Early Life and Career

Sheldon Adelson is an American businessman and the owner of a network of casinos and hotels in Las Vegas. Born in a poor Jewish family in Dorchester, a neighborhood in Boston, Adelson started earning money at the age of 12 by selling newspapers on the streets. Despite not having a higher education, he went on to work as a mortgage broker, entrepreneur, investment expert, and financial consultant, eventually establishing around 50 different companies.

Success in the Exhibition Industry

In the 1970s, Adelson became involved in organizing exhibitions and conferences in Las Vegas. His most notable project in the exhibition business was the creation of the annual computer industry trade show, Comdex. In 1995, Comdex was acquired by the Japanese company Softbank Corp for $860 million. Adelson's success in the exhibition industry led him to purchase the legendary Sands Hotel & Casino in Las Vegas in 1988, a place frequented by Frank Sinatra and the popular group The Rat Pack. The following year, Adelson and his partners built the new Sands Expo Convention Center, further solidifying Las Vegas's position in the exhibition industry in the United States.

Las Vegas Sands Corporation and Expansion into Macau

After the initial public offering of Las Vegas Sands in 2004, Adelson's corporation significantly expanded its operations. In the same year, he invested $265 million in the construction of the Sands casino in Macau and entered into an agreement with the Macau government, pledging $12 billion for the development of a casino complex, hotels, convention centers, and shops.

Philanthropy and Political Involvement

Adelson has also been actively involved in philanthropy and politics. In 2006, he contributed $25 million to Birthright Israel, an organization that finances trips to Israel for Jewish youth. In 2007, Adelson pledged an additional $25 million to Birthright Israel, allowing approximately 20,000 more participants to take part in the program. He also established the Adelson Medical Research Foundation, which plans to spend up to $200 million on medical needs in Israel and for the Jewish community. His wife, Dr. Miriam Adelson, oversees the foundation's charitable programs in the field of medicine.

Net Worth and Recognition

According to Forbes magazine's March 2007 edition, Adelson's net worth was estimated at $26 billion, making him the sixth richest person on the planet. He is considered the wealthiest Jew in the world and the third wealthiest person in the United States. Adelson serves as the Chairman and CEO of the Las Vegas Sands Corporation, headquartered in Las Vegas.