Sheldon Adelson, owner of casinos in Las Vegas, died
Gambling information portal AUSSIELEGITCASINOS is forced to inform our readers of the mournful news that occurred on January 12. Sheldon Adelson, one of the richest men in the world and founder of the Las Vegas Sands Corporation, which owns casinos in Las Vegas and other places, has passed away.
The cause of death was non-Hodgkin’s lymphoma or rather complications from the treatment process. He was 87 years old at the time of his death. As of January 13, according to Forbes, Sheldon Adelson’s gaming empire worth is $35 billion. In addition to success in the gambling industry, Adelson was also a patriot of his country, as evidenced by his investments in politics. For instance, the billionaire spent close to $220 million on the 2020 US election. Apart from his investments in politics, Sheldon Adelson is remembered for being a frequent donor of charity events and various medical research projects. Today, Las Vegas Sands employs approximately 50,000 people and was named one of the top employers in the country by Forbes in the spring of 2020.
To give AussieLegitCasinos readers an idea of just how significant this loss is, the following is a look at the rise of Sheldon Adelson’s career and the history of his casinos. Inspiration is guaranteed for everyone!
To begin with, Adelson has tried about fifty different businesses throughout his life, but it was casinos that made him a billionaire, a Republican Party donor, and simply a powerful man.
Sheldon Adelson was born back in 1933 in Boston. His father was a Lithuanian immigrant who worked as a taxi driver, and his mother owned a small knitwear shop. The family consisted of 6 people but lived in a tiny one-room flat. Adelson himself admitted that the family was very poor at that time. That was the reason why at the age of just 10, Sheldon was already engaged in street newspaper sales. Despite his modest age, even then the boy had enough responsibility to borrow $200 from his uncle, who was in charge of loans, to get the best spot to work.
This was not the end of the young entrepreneur’s borrowing, as five years later he borrowed money from his uncle again, only that time it was $10,000, which by today’s standards is $100,000. He needed the money to buy the machines – not slot machines, but vending machines for sweets, and that was enough money to buy as many as 125 of them that he dispersed around petrol stations and convenience stores. A few years later, Sheldon sold the vending machines and set off to conquer New York, enrolling in college to major in corporate finance. Two years later, he left college and joined the army. After the military, he was a broker for a while, then an investment analyst. After some more time, together with his brother, Sheldon started a company that supplied toiletries to hotels.
By 1968, Adelson’s net worth was estimated to be $5 million. He managed to earn most of that amount by investing in high-risk assets and young companies. Adelson once drew an analogy between his path and buses. Its essence is that business is like buses that run every 10 minutes. If you don’t like where one bus is going, you can wait 10 minutes and get another one.
In the 70s, Adelson decided to link his life with real estate and exhibitions. In 1979 Sheldon organised a computer exhibition and became a partner of Apple and Microsoft, both not yet popular at that time. Adelson appeared just in the right place and at the right time as computers were a very promising product attracting the attention of both investors and ordinary citizens. Adelson’s profit by the early 1990s was approaching $20 million annually. Despite decent profits, in 1995 Adelson decided to say goodbye to the exhibition industry by selling the rights to SoftBank. The deal brought Adelson $500 million. At its peak, COMDEX was the largest show in Las Vegas, with over 200,000 visitors every year.
To conclude the beginning of Sheldon Adelson’s story in his own words: “If you take an old idea and present it in a new wrapper, success will come quickly”.
Adelson was the owner of more than half of the entire gambling industry, an estimate of $14 billion. His casinos are located in Las Vegas, Macau, and Singapore. The phrase “gambling empire” can often be seen and heard in reference to Adelson’s business. In 1989 Adelson purchased the Sands Hotel casino, which in addition to the purpose in its name, was also a regular hotel for guests. In 1988, Adelson founded the company that is still widely known today – Las Vegas Sands.
It was it that became the primary source of income until his death. The old building was demolished, and in ’99 The Venetian Las Vegas project was launched, becoming the second-largest complex in the world. In the early 21st century, Sheldon acquired casino hotels all over the globe, including in Macau. In 2007 Adelson became one of the 3 richest men on the planet. His net worth at that time was estimated at over $26 billion. The subsequent crisis posed a real test for his wealth, which Adelson successfully overcame.
Today, Las Vegas Sands owns eight casino hotels, with the most recent one opened in Macau in April 2012. In addition to the offline casinos, the company also owns an aircraft fleet to transport the players. The original purpose was to transport players from Asia to Las Vegas, with the planes being equipped with baccarat tables.
One of Sheldon’s qualities was his generosity; he always referred to life lessons from his father, who continued to do charity work even with a small income and tight family budget. He explained his actions to the growing son as “There’s always someone whose need is greater than ours.”
With recent developments, even after the Las Vegas casino’s closure due to the pandemic, Adelson continued to pay all his employees’ salaries. He also purchased 2 million masks for health workers in New York and Nevada. In addition to the masks, Las Vegas Sands bought a large amount of protective suits, equipment, tests, food supplies, and water for Nevada.
Sheldon Adelson passed away as a nobleman who made an invaluable contribution to the gambling industry worldwide.
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