Sheldon Gary Adelson is an American entrepreneur, investor, political supporter, and philanthropist who had a net worth of $40 billion at the time of his death in January 2021. He was the founder, chairman, and CEO of Las Vegas Sands Corporation, the parent company of Venetian Macao Limited, which manages The Venetian Las Vegas and the Sands Expo and Convention Center, and the owner of the Marina Bay Sands in Singapore
According to Forbes, Adelson had a fortune of $33.5 billion in September 2020, ranking him as the 28th-richest person in the world and 19th in the Forbes 400.
Sheldon Adelson Biography and Net Worth
|Net Worth $40 Billion|
|Full name Sheldon Gary Adelson|
|Birth Date Aug 4, 1933|
|Birthplace Boston, Massachusetts, U.S.|
|Died Jan 11, 2021|
|Profession Businessman, investor|
|Spouse Miriam Adelson|
Sheldon Adelson Early Life
On August 4, 1933, Sheldon Gary Adelson was born in Boston, Massachusetts. His father worked as a taxi driver and was an immigrant. They were raised in a low-income Jewish family. The kids slept on the floor, while the parents slept on a mattress. At the age of twelve, Sheldon began his entrepreneurial career. He took the first $200 loan from his uncle and the second $10,000 loan when he was 16 to establish a vending machine company.
After quitting college, Adelson enlisted in the military. He then launched a series of more businesses, steadily growing his wealth until he hit the million-dollar mark in the 1960s. Selling toiletries, magazine ads, mortgages, and even windshield de-icers were some of those early businesses.
Sheldon Adelson Career
The computer trade show COMDEX, which Adelson co-founded in 1979 with four partners, was the foundation for his entrepreneurial success. For individuals like Bill Gates and Steve Jobs, who used COMDEX to introduce their newest products, the computer business had generated mint fortunes within a decade.
He sold the company to SoftBank Corporation in 1995 for $862 million after it had grown to be one of the largest computer trade fairs in the world. Adelson received more than $500 million in cash directly.
Adelson and his business partners paid $128 million for the Sands Hotel and Casino in Las Vegas in 1989. The idea was to construct their own convention facility for COMDEX so they would not need to continue renting space from other venues. The Venetian Resort Hotel and Casino, an all-suite resort hotel and casino with a Venice-themed design, was built in 1995 for a cost of $1.5 billion.
The construction of the Venetian is credited with revolutionizing the hotel business in Las Vegas. He became a billionaire after the company’s IPO. His net worth climbed by $1 million per hour, night and weekend, for the following 12 months. Sheldon Adelson opened Sands Macao in Macau (or Macao), an area under special administration of China, in 2004 as part of the expansion of his casino and the resort company outside of the United States.
The Pennsylvania Gaming Control Board authorized Adelson’s business to erect a casino resort near Bethlehem, Pennsylvania, in 2006.
He made his media debut in 2006 by helping to launch the Hebrew daily Israeli, which is published by Tel Aviv, Israel-based Israeli News Ltd. However, due to disagreements the next year, he left the partnership. He then published the newspaper Israel Hayom. In 2015, he paid $140 million to acquire the area’s largest newspaper, The Las Vegas Review-Journal.
Sheldon said he was prepared to pay $100 million in 2012 to stop Barack Obama from being re-elected. In 2016 and during the 2018 midterm elections, Sheldon and Miriam donated $123.25 million and $82.58 million, respectively, to Republicans. The Adelsons gave Republicans $173 million in the 2020 election season. They became the biggest political funders in the world as a result.
Sheldon Adelson’s Wife and children
Sandra was Sheldon Adelson’s first wife and they were married until their divorce in 1988. Mitchell, Gary, and Shelley were three children of Sandra from her previous marriage and Sheldon adopted them.
He went on a blind date and met Dr Miriam Farbstein Ochshorn in 1989. Two years later, they got married and Miriam had two daughters from her former husband Dr Ariel Ochshorn.
Sheldon Adelson Death
Adelson was diagnosed with peripheral neuropathy, a disorder that affects the brain and spinal column’s peripheral nerves, in 2001. In 2019, he began treatment for non-Hodgkin’s Lymphoma, a kind of blood cancer that causes swollen lymph nodes, fever, and fatigue. Sheldon Adelson died on January 11, 2021, at his home in Malibu, California at the age of 87.
Sheldon Adelson’s Net Worth
At the time of his death, his net worth was more than $40 Billion making him one of the richest persons in the world. Adelson’s company, Las Vegas Sands, possessed a fleet of private jets. Adelson’s Airbus A340-500 plane set a record for Ben Gurion International Airport on January 2, 2017, when it flew nonstop from the airport to Honolulu, Hawaii, via the Arctic Ocean.
His net worth had dropped to $2 billion at its lowest point in 2009. Adelson slipped to No. 178 on the Forbes world billionaires list in 2009, with a net worth of $3.4 billion, but by 2011, after his firm had recovered, he was ranked as the world’s 16th-richest man, with a net value of $23.3 billion.