Sheldon Adelson Casino Worth On The Way Down With The Economy
Sheldon Adelson has built a casino empire through the Las Vegas Sands Corp. He gambled that casinos could make him rich, and he has won that bet. Now, however, the same thing that made him rich might lead to his financial demise.
It has been reported that Adelson has lost over $16 billion from January through the middle of October. The main reason for that is he has been investing in his own business to ensure that its market price does not drop too low.
Adelson has been the mastermind behind the Venetian, one of the most popular hotel and casinos in Las Vegas. He parlayed the success of the Venetian into more casinos, and has even expanded the Sands brand into Macau.
Macau has overtaken Las Vegas as the casino gambling capital of the world. Although it was quick to rise, it too has experienced declining revenue because of the worldwide economic crunch. Adelson, however, still has big plans for Macau.
Las Vegas has been among the hardest hit by the current state of the economy in the United States. Their casinos are experiencing some of the lowest financial times since their inceptions. Many are wondering how far Adelson will go to save his company.
"He's in the gaming business. He's gamed it all the way up and down," said Pearl Meyer, a Senior Managing Director with Steven Hall & Partners.
October 28, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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