Sands Casino Makes Adelson One of Americas Richest People

Las Vegas Sands owner Sheldon Adelson made the biggest noise after the recent release of the newly updated Forbes richest Americans list. Adelson is not the richest person in America, but he is much closer now than he was last year.

A big move of the Sands to Macau, an emerging hi-rolling gambling mecca off the southeastern coast of China, is the cause of the Sands huge increase in profits. The Sands share prices have skyrocketed over the last two years as a result of the smart move by Adelson.

Sheldon jumped from #15 on the Forbes list last year to #3 on the list this year. He is valued at $20.5 billion dollars.

Catching the #1 and #2 spots next year, though, may be much more difficult. They are worth $46 and $53 billion respectively and they are both of those spots are taken by Microsoft people.

Adelson personally and through family trusts controls 70 percent of the company, Las Vegas Sands spokesperson Ron Reese said.

Here are some amazing stats on Adelson's profits. Forbes reported he made $1 million an hour over the past two years and in the second quarter alone, the Sands Macau property saw net revenue jump from $205.1 million to $310.4 million, up dramatically from a year ago.

September 23, 2006
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!