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Sheldon Adelson: Las Vegas
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Sheldon G. Adelson, 73, is Chairman of the Board and principal owner of the Las Vegas Sands Corp., the parent company of the Sands, The Venetian Resort-Hotel-Casino in Las Vegas, Nevada and the Venetian Macao Limited in Macao, China. The building of a new Las Vegas-like strip in Macao, which could cost up to $11 billion, has caused LVS stocks, and along with it Adelson's wealth, to skyrocket.
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Sheldon G. Adelson has been Chief Executive Officer and Treasurer of Las Vegas Sands Corp., since August 2004. Mr. Adelson has ... been Chief Executive Officer of Las Vegas Sands, LLC (formerly, Las Vegas Sands, Inc.,) a subsidiary of Las Vegas Sands Corp., since April 1988. He has been the President of Interface since the mid-1970s. He has been the President of Interface Holding since the mid-1970s. He is the principal owner of Venetian Casino Resort LLC and serves
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Adelson, 73, is the third richest person in the U.S., with a net worth of $20.5 billion, according to Forbes Magazine in 2006. His is a true rags-to-riches tale: The son of a Boston cabdriver, Adelson grew up in the poor (then-Jewish) neighborhood of Dorchester. At age 12, he borrowed $200 from his uncle to sell newspapers on the street, and made his first fortune by creating the computer industry’s premier trade show, COMDEX, in the mid-1980s, which he sold to a Japanese company for $862 million in 1995. He has operated over 50 businesses. His major windfall came in Las Vegas and Macao, China, where he has started multiple real estate businesses, largely casinos and hotels. His Las Vegas Sands Corp., which he took public in 2004, owns and operates the Venetian Casino Resort and the Sands Expo and Convention Center.
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[T]he real money spinner, Adelson believes, will be on that lonely expanse of freshly poured landfill. It's the only spot in Macau--the most densely populated place on earth--with enough room for what Adelson has in mind: a brand-new Chinese Vegas, complete with a long boulevard of casinos, hotels, shops, deluxe theaters, the works. The first big development on the Cotai Strip (the name was concocted from Coloane and Taipa, the two former islands that border it) is Adelson's $2 billion Venetian Macau, now under construction. It will boast the world's biggest casino (some 600,000 square feet of gambling space, about five times the size of your state-of-the-art Vegas gaming floor), 3,000 hotel rooms, acres of pools, 850,000 square feet of shopping, a 15,000-seat showroom, and a 1.2-million-square-foot convention center. Beyond that, Adelson intends to invest another $2 billion or so to put up hotel-mall-casino complexes that will open alongside the Venetian around the end of 2007 and be run by leading hotel operators, such as Four Seasons and Shangri-La. (He will retain control of their showrooms and casinos.) And although it took at least 30 years for Vegas to become Vegas, he figures it'll take about five for Cotai to become Asia's--and ... the world's--biggest gambling and entertainment mecca.
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Sheldon Adelson created the highly profitable Las Vegas computer tradeshow COMDEX in 1979 and sold out 16 years later. With that money he bought the Sands Hotel, and then built the Venetian Resort. Net worth $28B (Forbes 2007).
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Adelson's net worth, as of March 2007, was an estimated $26 billion, making him the sixth wealthiest person in the world (Forbes.com, March 8, 2007). Forbes described Adelson's business history: "Son of a Boston cabdriver borrowed $200 from his uncle to sell newspapers at age 12. Made first fortune in trade shows. Created computer industry's premier show, Comdex, mid-1980s; ran 70% profit margin renting space for 15 cents a square foot and leasing it to exhibitors for up to $40 a square foot. Sold show to Japan's Softbank for $862 million in 1995. Then Las Vegas: bought old Sands casino for $128 million, demolished it to build the $1.5 billion all-suites Venetian casino resort and the 1.2-million-square foot Sands Convention Center.
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