Sheldon Adelson Philanthropy Politics and Controversies

Sheldon Adelson's philanthropy has been a significant aspect of his life, with a focus on education, healthcare, and Jewish causes. He has donated millions to various institutions, including the University of Nevada, Las Vegas, and the Tel Aviv University.

One notable example of his philanthropy is his $25 million donation to the University of Nevada, Las Vegas, which helped establish the university's engineering school. He has also donated to various other educational institutions, including the Hebrew University of Jerusalem.

Adelson's commitment to healthcare has also been evident through his donations, including a $25 million gift to the University of California, San Diego, for the construction of a new cancer center. He has also donated to various other medical research institutions.

Adelson's philanthropy has not been without controversy, with some criticizing his involvement in politics and his support of certain politicians.

Sheldon Adelson was born on August 4, 1933, and grew up in Boston's Dorchester neighborhood, the son of a taxi driver and a mother who ran a knitting shop.

His family's ancestry was diverse, with Ukrainian Jewish, Lithuanian Jewish, English, and Welsh roots. His father's family was of Ukrainian Jewish and Lithuanian Jewish ancestry, while his mother emigrated from England.

Adelson started his business career at 10, borrowing $200 from his uncle to sell newspapers in Boston.

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Adelson was born on August 4, 1933, in the Dorchester neighborhood of Boston. His parents, Sarah and Arthur Adelson, were Jewish, with his father's family tracing back to Ukrainian and Lithuanian Jewish ancestry.

His mother, Sarah, emigrated from England, and Adelson's grandfather was a Welsh coal miner. His father, Arthur, was a taxi driver. His mother, Sarah, ran a knitting shop.

At the age of 10, Adelson began his business career by borrowing $200 from his uncle to purchase a license to sell newspapers in Boston. He started a candy vending-machine business at the age of 15 after borrowing $10,000 from his uncle.

Adelson attended the City College of New York but did not graduate. He attended trade school in an attempt to become a court reporter, but it didn't work out.

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Adelson's business career was marked by early investments in Boston, where he acquired over seventy companies, including a tour and travel business that generated millions of dollars.

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He eventually lost his fortune in the stock market, but recouped his losses in the real estate brokerage business, only to lose again in the condominium market.

In 1971, Adelson bought a majority share of a company that published computer magazines, which laid the groundwork for his future success in the tech industry.

By 1984, his Interface Group had produced over forty shows, and his Computer Dealers Exposition (COMDEX) company had become the largest trade show in Las Vegas.

His company's net income exceeded $250 million by the 1980s, and Interface Company was producing trade shows in many cities across the United States, Europe, and Japan.

Adelson's estimated wealth was $26.5 billion in 2007, making him the third-richest person in the United States.

In 2008, his net worth had declined from approximately $30 billion to $2 billion, a drop of 93%. He lost $4 billion that year, more than any other American billionaire.

Adelson's ranking dropped to No. 178 with a net worth of $3.4 billion in the Forbes 2009 world billionaires list.

By 2011, his business had recovered, and he was ranked as the world's 16th-richest man with a net worth of $23.3 billion.

In 2013, Adelson earned a top ranking on Forbes' Annual "Biggest Winner" List, adding an estimated $15 billion to his net worth during the year.

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Sheldon Adelson made a significant impact on the casino industry in Macau. He led a project to bring Las Vegas Sands casinos to Macau, which became China's first Las Vegas-style casino when it opened in May 2004.

The Sands Macao was a huge success, recovering his initial $265-million investment in just one year. Adelson's personal wealth multiplied more than fourteen times after the opening of the Sands Macao. He took the stock public in December 2004, increasing his wealth even further due to owning 69% of the stock.

Adelson continued to expand his presence in Macau with the opening of the $2.4 billion Venetian Macao Resort Hotel on Cotai in August 2007. He planned to create a massive resort area called the Cotai Strip, which would feature hotels under brands like Four Seasons, Sheraton, and St. Regis.

Las Vegas, Nevada is a city that has seen its fair share of transformations, particularly in the world of casinos and resorts. One notable example is the Sands Hotel and Casino, which was purchased by Sheldon Adelson in 1988 for $110 million.

The Sands was later renovated and expanded into The Venetian, a Venice-themed resort hotel and casino that opened in 1999 after a $1.5 billion investment. This massive project was a testament to Adelson's vision and willingness to take risks.

In the midst of the Great Recession, Adelson reflected on the decision to build The Venetian, stating that if it were today, they probably wouldn't have started it. This candid admission highlights the challenges of building a massive resort during economic downturns.

The Las Vegas Sands Corp. sold the Bethlehem casino in 2019 for $1.3 billion to Wind Creek Hospitality, which is owned by the Poarch Band of Creek Indians.

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Macau was a key location for Sheldon Adelson's expansion plans, and it's where he made a huge splash with the Sands Macao casino. This massive resort opened in May 2004 and became China's first Las Vegas-style casino, covering an impressive 1,000,000 square feet.

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Adelson's initial $265-million investment in the Sands Macao paid off quickly, as he recovered his investment in just one year. He then took the stock public in December 2004, increasing his wealth significantly due to his 69% ownership stake.

The Sands Macao was a game-changer for Adelson, multiplying his personal wealth more than fourteen times after its opening. This success paved the way for his ambitious plans to create a massive resort area called the Cotai Strip, modeled after the Las Vegas counterpart.

In August 2007, Adelson opened the $2.4 billion Venetian Macao Resort Hotel on Cotai, marking a major milestone in his Cotai Strip project. He envisioned a concentrated resort area with multiple hotels, including brands like Four Seasons, Sheraton, and St. Regis.

Adelson's Las Vegas Sands planned to invest $12 billion and build 20,000 hotel rooms on the Cotai Strip by 2010. However, the company faced a federal investigation over alleged Foreign Corrupt Practices Act violations related to payments made to a Macau lawyer.

In 2015, Sands agreed to pay a $9 million settlement with the Securities and Exchange Commission, which included no admission of wrongdoing. This settlement marked a conclusion to the investigation, but it's worth noting that the company's reputation was impacted by the allegations.

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EuroVegas was a proposed hotel-casino complex in Europe, specifically narrowed down to Alcorcón, Madrid, Spain.

The project was expected to create a massive 250,000 jobs, which would have been a significant boost to the local economy at a time when the Spanish unemployment rate stood at 27%.

Unfortunately, the project was cancelled in 2013 due to disagreements with the Spanish government over gambling taxes and smoking laws.

Sheldon Adelson's philanthropic efforts are a significant part of his legacy. He has made substantial donations to various causes, with a focus on supporting the Jewish community and Israel.

Adelson's largest donation was $65 million to the Republican electoral campaign for 2016, making him the biggest donor in either party that year. He also donated $25 million to Trump's presidential campaign in 2016, and $5 million to Trump's inaugural celebrations.

Adelson's commitment to supporting Israel is evident in his $140 million contributions to Birthright Israel since 2007, which finances Jewish youth trips to Israel.

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Israeli Press is a complex and sometimes contentious field in Israel. Adelson made an unsuccessful bid to purchase the Israeli newspaper Maariv in 2007.

He then proceeded to publish a free daily newspaper, Israel Hayom, which became the number-one daily newspaper four years after its inception, with a 39.3% weekday readership exposure. This was a significant achievement, especially considering it was distributed for free.

In 2011, a TGI survey showed that Israel Hayom's weekend edition was still trailing behind Yedioth Ahronoth, but was gaining ground. The survey found that Yedioth Ahronoth's weekend edition had a 44.3% readership exposure, compared to 31% for Israel Hayom.

Adelson's influence in the Israeli press was not limited to his own newspaper. He was also involved in a controversy surrounding Israeli Channel 10, which alleged that he had acquired a casino license in Las Vegas inappropriately through political connections. The channel apologized after Adelson threatened a lawsuit.

The controversy led to the resignations of the news chief, Reudor Benziman, the news editor, Ruti Yuval, and the news anchor, Guy Zohar, who objected to the apology.

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The Israeli American Council (IAC) has been at the center of controversy due to its shift in focus under Sheldon Adelson's leadership.

In 2017, Adelson declared that the IAC should become primarily a political lobbying group on Israel-related issues.

This move was seen as a significant departure from the organization's original intentions.

Adelson charted a course for the IAC to oppose a two-state solution, a position that differs from that of the American Israel Public Affairs Committee (AIPAC).

Israeli journalist Chemi Shalev described Adelson's actions as hijacking the IAC for his hard-right agenda.

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Adelson was a major donor to Republican Party campaigns and super PACs, contributing over $500 million from 2010 to 2020.

He made a significant $25 million donation to Trump's presidential campaign in 2016, which was part of a larger $65 million donation to the Republican electoral campaign that year.

Adelson was the largest donor to Donald Trump's inaugural celebrations, giving $5 million to the festivities.

As a prominent supporter of the Israeli-American Council, Adelson advocated for the organization to become a political lobbying group on Israel-related issues, opposing a two-state solution and continued aid to the Palestinians.

He donated $5 million to the Friends of the Israel Defense Forces in 2014, demonstrating his strong support for the Israeli military.

Adelson's $25 million donation to Trump's campaign in 2016 made him the biggest donor in either party that election cycle.

Sheldon Adelson lived in Massachusetts with his wife, Sandra, and her three children, Mitchell, Gary, and Shelley, whom he adopted when they were young.

The couple divorced in 1988, marking the end of their time together in Massachusetts.

Sheldon Adelson went on to meet Miriam Farbstein Ochshorn, a medical doctor, on a blind date.

They married in 1991 and have since been together.

Miriam Farbstein was born in Mandatory Palestine in 1945, to parents who fled Poland before the Holocaust and settled in the city of Haifa.

She earned a Bachelor of Science in microbiology and genetics from the Hebrew University of Jerusalem and a medical degree from Tel Aviv University's Sackler Medical School.

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Sheldon Adelson was involved in several controversies and lawsuits throughout his career.

He was taken to court by Richard Suen, a Hong Kong businessman, who claimed Adelson reneged on their agreement for a Macau casino license.

Suen won a $43.8 million judgement, but the Nevada Supreme Court later overturned it.

The case went back to the lower court, and in 2013, a jury awarded Suen $70 million plus $31.6 million in interest, totaling $101.6 million.

Adelson was appealing the decision at the time.

He also faced another trial over claims by three alleged middlemen in the deal who sued for at least $450 million.

The Las Vegas Sands, Adelson's company, acknowledged in a 2013 regulatory filing that it likely violated federal law by bribing foreign officials to allow the Macau casino to be built.

The bribery allegations involved Chinese officials.

Adelson successfully sued the London Daily Mail for libel in 2008, winning a judgment of approximately £4 million.

He claimed he would donate the money to London's Royal Marsden Hospital.

However, Adelson lost a libel suit against the National Jewish Democratic Council, which had accused him of approving prostitution at his Macau resorts.

A federal judge dismissed the suit and ordered Adelson to pay the NJDC's legal fees.

Sheldon Adelson's legacy is a complex one, marked by both great success and significant controversy. He was diagnosed with peripheral neuropathy in 2001, which restricted his ability to stand and walk.

Adelson's business acumen and willingness to take chances led him to accumulate an enormous fortune. He was among the first to see the potential of the Far Eastern gaming industry and invested heavily in that area.

In February 2019, Adelson was receiving treatment for non-Hodgkin's lymphoma, which had restricted his ability to travel or keep regular office hours. He remained chairman and CEO of Las Vegas Sands, despite his health issues.

Adelson passed away on January 11, 2021, at the age of 87, due to long-term illnesses. His body was later displayed at Ben Gurion Airport, draped in U.S. and Israeli flags, where Prime Minister Benjamin Netanyahu paid his respects.

Adelson's legacy also includes his influence on American policy in the Middle East, particularly his lobbying efforts on behalf of Israel and the policies of Prime Minister Benjamin Netanyahu. This influence will continue to affect the United States' position in the region for generations to come.

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