Sheldon Adelson Has A Net Worth of $26.5 Billion
Sheldon Adelson is an American casino and restaurant magnate and a renowned philanthropist. He serves as the Chief Executive Officer and Chairman of the Las Vegas Sands Corporation, which is the parent company of Venetian Macao Limited, which manages the Sands Expo and Convention Centre and The Venetian Resort Hotel Casino. Adelson is also the owner of Israel HaYom, which is an Israel daily newspaper.
Sheldon was born on 4th August, 1933 in Boston, Massachusetts to a Ukrainian-Jewish family. His business career started when he was only 12 years old, when he took a loan of $200 to obtain a license to sell newspapers. When he attained the age of 16, he had began a candy-vending-machine business.
He then joined trade school with the aim of becoming a court reporter, and later on joined the army. After sometime, he was discharged from the army. He decided to set up another business called De-Ice-It, which was focused in selling a chemical spray to help clear frozen windshields.
In the 1960s, Adelson began a charter tours business, consequently becoming a millionaire. Even so, he had built and lost a fortune for a number of times by his 30s. Over the duration of his business career, he has founded more than 50 of his own businesses.
In the late 70s, Adelson together with his business partners launched COMDEX, a computer trade show for the computer industry. In 1995, they put up the Interface Group Show Division, including the COMDEX shows for sale. The sale yielded a total of $862 million, Adelson’s share being more than $500.
In the year 1988, Adelson and his long-time partners acquired the Sands Hotel and Casino in Las Vegas. A year later, they built the Sands Expo and Convention Centre, which was by then the only privately-held and managed convention centre in the United States.
A few years later, he razed the Sands and invested a total of $1.5 billion to set up The Venetian. In the year 2007, Adelson opened Venetian Macao Resort Hotel on Cotai. Following the opening of the resort, Adelson made an announcement citing that he was planning to develop a huge and concentrated resort area, which he called Cotai Strip.
Towards the end of the 2000s, Adelson decided to set up a casino resort in Bethlehem Pennsylvania. The casino was opened on 22nd May, 2009, and was considered to be one of the 5 stand-alone casinos to be awarded a slots license by the Pennsylvania Gaming Control Board in the year 2006. Adelson also decided to explore the Chinese market by spearheading a major project that brought the Sands name to Macau, China.
He established a 1 million Sq. ft. casino known as Sands Macau, which became the first Las Vegas-style casino in the People’s Republic of China. Within one year, Adelson had recovered his initial $265-million investment, since he owns a 65 percent stake of the stock, he augmented his wealth when the stock was taken public towards the end of 2014. Adelson has five children and is currently married to Miriam Ochsorn, whom he married in the year 1991.