Casino Mogul puts $58 Million into Political Races – Losses Big
As head of one of the world’s biggest casino empires, Sheldon Adleson has a vested interest in politics. By having candidates in office that are favorable to his casino cause, the Las Vegas Sands Chairman figures to make a lot more money. So it shouldn’t come as a shock that Adelson dumped $58 million into American political races this year.
The biggest candidates that he put money into were US Presidential hopefuls Newt Gingrich (Winning our Future PAC) and Mitt Romney (Restore our Future PAC). Adelson contributed an equal $20 million to political action committees of both candidates.
Gingrich turned out to be a terrible investment for Adelson since he failed to even come close to winning the GOP (Republican) nomination. However, Romney was a much better bet since he actually managed to win the GOP nomination and give President Barrack Obama a pre-election battle. But in the end, Obama won fairly easily after garnering 332 of a possible 538 Electoral votes.
Aside from investing $40 million into both of these losing efforts, the rest of Adelson’s political donations weren’t quite so bad. He put a collective $17.7 million into various Senate and House of Representatives races throughout the US. In all, 42% of the candidates that he bet on won their race, while the remaining 58% lost. It would take a while to list everything, so you can just check this out instead.
Despite seeing so many of his favorite politicians go down on election night, it’s had to feel sorry for Sheldon Adelson. The 78-year-old is worth an estimated $20.5 billion, which makes him the 12th richest American. He owns major casinos in Las Vegas, Macau, Singapore and Pennsylvania.
Based on his multiple resort-style casinos and incredible wealth, it’s obvious to see why Adelson holds so much power throughout the casino industry.