Sheldon Adelson, a distinguished American businessman, investor, philanthropist, and political donor, left an enduring mark on diverse aspects of life, from the business realm to the political arena. Born on August 4, 1933, and passing away on January 11, 2021, Adelson’s journey from a modest background to becoming a billionaire and a significant political figure attests to his entrepreneurial vigour and steadfast commitment to his principles. As of September 2017, Forbes reported Adelson’s fortune at US$35.7 billion. However, by September 2020, Forbes listed his net worth at US$29.8 billion.
Early Life and Entrepreneurship
Sheldon Adelson’s story began in the Dorchester neighbourhood of Boston, where he was raised as the son of Sarah and Arthur Adelson. Early experiences as a newspaper seller and the owner of a candy vending machine business showcased his entrepreneurial spirit, a trait he carried throughout his life.
Despite facing setbacks in his early education, military service, and various business ventures, Adelson’s resilience and determination eventually led to his success. Over his career, he established nearly 50 businesses, earning him the moniker of a serial entrepreneur.
COMDEX and the Tech Industry
A pivotal contribution to the business world was Adelson’s involvement in developing the COMDEX trade shows in the late 1970s. These shows played a crucial role in shaping the computer industry during the 1980s and 1990s, illustrating Adelson’s visionary insight and ability to discern emerging trends.
In 1995, Adelson and partners sold the Interface Group Show Division, including the COMDEX shows, to SoftBank Group of Japan for a staggering $862 million, with Adelson’s share alone exceeding $500 million.
The Gaming Industry
Adelson’s most notable impact came through ventures in the gaming industry. In 1988, he acquired the Sands Hotel and Casino in Las Vegas, marking his entry into gaming. This was followed by the construction of the Sands Expo and Convention Center, the only privately owned and operated convention centre in the United States at the time.
His pinnacle achievement in gaming was The Venetian, a Venice-themed resort hotel and casino, that opened in 1999 after a $1.5 billion investment. Expanding globally, Adelson developed projects like the Bethlehem casino in Pennsylvania and Sands Macao, China’s first Las Vegas-style casino.
The Marina Bay Sands in Singapore, completed in 2010, showcased Adelson’s prowess, becoming the most expensive building globally. It featured luxury hotels, a rooftop infinity pool, exclusive shopping, and a convention centre, solidifying Adelson’s status as a major player in the global gaming industry.
Philanthropy and Media Ventures
In 2007, Sheldon Adelson and his wife, Miriam, established the Adelson Foundation, a private charity focusing on healthcare, Israel, and the Jewish people. Their philanthropic efforts have significantly impacted various causes and institutions.
Adelson’s influence extended to the media with ownership of newspapers, including Israel Hayom, Makor Rishon, and the Las Vegas Review-Journal. His media ventures played a substantial role in shaping public discourse in Israel and the United States.
Political Influence
Often dubbed a “kingmaker” in political circles, Adelson’s substantial financial contributions to Republican Party candidates and causes earned him significant influence. His impact on American politics was evident in his support for Donald Trump, where he and his wife Miriam became the largest donors to Trump’s campaigns, inauguration, and legal defence fund.
Adelson’s political involvement extended to Israel, where he supported Israeli Prime Minister Benjamin Netanyahu. His contributions to conservative and pro-Israel causes solidified his position as a powerful figure in the political landscape.
Conclusion
Sheldon Adelson’s remarkable journey from a modest upbringing to one of the world’s wealthiest individuals is a testament to his entrepreneurial spirit and unwavering determination. His contributions to various industries, philanthropy, and political causes have left an enduring impact on the world.
While his influence sparked debates and controversies, there is no denying that Sheldon Adelson’s life and legacy reflect his steadfast commitment to his principles and relentless pursuit of success.