Sheldon Adelson

Sheldon Adelson
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Sheldon Adelson
Born
August 1, 1933 (1933-08-01) (age 74)Dorchester, Massachusetts
Occupation
Gambling/leisure businesses
Net worth
$26.5 billion U.S. dollar
Sheldon Gary Adelson (born August 1, 1933)[1] is an American billionaire businessman. He is a property developer and public company CEO based in Las Vegas, Nevada. He is Chairman and Chief Executive Officer of the Las Vegas Sands Corp., the parent company of Venetian Macao Limited which operates the Venetian Casino Resort and the Sands Expo and Convention Center. Adelson vastly increased his net worth upon the initial public offering of Las Vegas Sands (NYSE: LVS) in December 2004 by selling just 10% of the shares. With an estimated wealth of US$26.5 bn, he is the United States' third richest person as of 2007[2]. Adelson studied at City College of New York, but did not complete his studies.
Contents[hide]
1 Early life and career
1.1 Sands Macao Hotel
2 Philanthropic gifts
3 References
4 External links
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[edit] Early life and career
Adelson was born in to a Jewish family in the Dorchester neighborhood of Boston. His family emigrated to the United States from the Russian empire (mother's family from Ukraine, father from Lithuania).[3]. He worked at a young age selling newspapers on local street corners and owned his first business by the time he was twelve. In the years that followed, he worked as a mortgage broker, investment adviser and financial consultant. To this point in his career, Adelson has created and developed to maturity more than 50 different companies, including COMDEX, a tradeshow he developed with his partners for the computer industry and with the goal to get more visitors to his hotels.
In 1988, Adelson and his partners purchased the Sands Hotel & Casino in Las Vegas, Nevada, the former hangout of Frank Sinatra and the Rat Pack, in order to bring Las Vegas to a new phase of business centricity through the exhibition industry. The following year, Mr Adelson and his partners constructed the Sands Expo and Convention Center, the only privately owned and operated convention center in the United States.
In 1995, Adelson and his partners sold the Interface Group Show Division, including the COMDEX shows, to Softbank Corporation of Japan for a cash price in excess of $860 million. In 1991, while honeymooning in Venice with his wife Miriam (a physician), Adelson gained the inspiration for a mega-resort hotel, and he proceeded with the implosion of the venerable Sands and the construction of the $1.5-billion The Venetian, a Venice-themed resort hotel and casino. The luxurious, all-suite Venetian revolutionized the Las Vegas hotel industry, and has been honored with architectural and other awards naming it as one the finest hotels in the world. In 2003, The Venetian added the 1,013-suite Venezia tower - giving The Venetian 4,049 suites, 18 leading-chef restaurants, a shopping mall with canals, gondolas and singing gondoliers.
Adelson spearheaded a major project to bring the Sands name to the Macao SAR, China, the Chinese gambling city that had been a Portuguese colony until December 20, 1999. The one million-square-foot Sands Macau became the People's Republic of China's first Las Vegas-style casino when it opened in May 2004.
In addition, on May 26, 2006, Adelson's Las Vegas Sands was awarded a hotly contested license to construct a casino resort in Singapore's Marina Bay. The new casino is expected to open in 2009 at a rumored cost of $3.16 billion.
On August 28, 2007, Adelson opened the $2.4 billion Venetian Macao Resort Hotel on Cotai and announced a vision to launch a massive, concentrated resort area he calls the Cotai Strip, after its Las Vegas counterpart. Adelson formally stated his plans to open more hotels under brands such as Four Seasons, Sheraton and St. Regis. Ergo, his Las Vegas Sands (which rand the Sands Macao on the Macau peninsula), plans to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010.[4]

[edit] Sands Macao Hotel
On September 29, 2007, Las Vegas Sands Corp.'s Sheldon Adelson announced that it will open its 2nd hotel, the Sands Macao Hotel in Macau on October. Mark Brown, president of Sands Macao and the Venetian Macau Resort Hotel stated: "We are now uniquely positioned in Macao to offer all the integrated amenities necessary as a destination to attract a diverse range of multi-night visitors."[5]
In 2007, Adelson made an unsuccessful bid to buy controlling interest in the Israeli newspaper Maariv. When this failed, he proceded with parallel plans to publish a free daily newspaper to compete with Israeli, a newspaper he had co-founded in 2006 but had left. [6] The first edition of the new newspaper, Israel HaYom, was published on July 30, 2007.
Since 1991, Adelson is married to Miriam Ochshorn, a physician.

[edit] Philanthropic gifts
Adelson currently has funded over $25,000,000 to the M.I.S Hebrew Academy in Las Vegas to build a high school. Currently, the high school has a 9th and 10th grade and will add more grades annually.
In 2006 Adelson contributed $25,000,000 to the organization Birthright Israel, which finances Jewish youth trips to Israel. The gift is anticipated to be given annually for the foreseeable future [1].
In 2007 Adelson founded Freedom's Watch, an advocacy group in part run and supported by former officials of the Bush administration. Also in 2007, Adelson pledged another $25,000,000 to the Birthright Israel program, allowing for approximately 20,000 people to take part in the program [2].
Adelson also has funded the Boston based Dr. Miriam and Sheldon G. Adelson Medical Research Foundation. This foundation initiated the Adelson Program in Neural Repair and Rehabilitation (APNRR) with $7.5 million donated to collaborating researchers at 10 universities. [7] Mr. Adelson has publicly pledged billions to medical research and has encouraged researchers to contact him with ideas that need to be funded. The Adelson Medical Research Foundation does not have a cognizable website.[8]
On November 18, 2007. the New York Daily News headlined "Rudy Giuliani Jets to Campaign Stops Using Casino Kingpin's Plane," and reported that "his plane is often provided by a king of Sin City." Adelson provided the jet.

[edit] References
^ Brainy Media, Sheldon Adelson Quotes, <http://www.brainyquote.com/quotes/authors/s/sheldon_adelson.html>. Retrieved on 7 April 2007
^ Forbes Special Report - The world's billionaires
^ Interview in the Russian newspaper Vedomosti
^ CNN.com, China opens world's largest casino
^ Yahoo.com, Second hotel to open in Macau
^ IsraelNationalNews.com, American Billionaire Launching Free Israeli Daily, <http://www.israelnationalnews.com/News/Flash.aspx/129798>. Retrieved on 12 July 2007
^ http://www.uclahealth.org/body.cfm?xyzpdqabc=0&id=502&action=detail&ref=227
^ http://answers.yahoo.com/question/index?qid=20061118075209AAJau0p

[edit] External links
The official site of The Las Vegas Sands Corporation
Adelson's membership on the Forbes global list of billionaires
Adelson's membership on the Forbes 400 list
Retrieved from "http://en.wikipedia.org/wiki/Sheldon_Adelson"