Analysts often cite Sheldon Adelson as the true embodiment of the American Dream. The son of immigrants, he climbed to the top ranks of the Forbes list. The secret to his success lay in an innate sense for promising ventures. His life story is not just about business success; it is an example of how sheer willpower, the courage to take risks, and a desire to change the world can create a legacy that outlives its creator. Also, find out how the “Netflix” platform developed. More on losangeles1.one.
Biography
Sheldon was born on August 4, 1933, near Boston. His parents were immigrants; his mother hailed from Ukraine, and his father from Lithuania. Due to the family’s difficult financial situation, the boy began looking for ways to earn money from childhood. His first job at the age of 10 was selling newspapers. At 12, he borrowed money from an uncle and entered the business world. He soon hired other children to sell newspapers for him. Following this venture, he took another loan of $250 to set up more newspaper stands. By the time he was 16, he had borrowed $10,000 to buy a network of candy vending machines. Even then, the young man realized he was not interested in formal education; he was interested in finding ways to make money. As a result, he never obtained a higher education after finishing school. But he never stopped developing his own ventures. He later moved from selling newspapers to selling essential hygiene products to hotels. This was followed by his first “roulette” business and a charter travel agency. He also served in the US Army in the 1950s. Adelson went on to launch businesses in various sectors, including investments, brokerage, travel, real estate, and media. Despite his massive achievements, Adelson was frequently a target of criticism, accused of monopolizing businesses, pressuring competitors, and aggressive political activities. Simultaneously, he remained a figure who set the rules of the game in the casino industry. Adelson started from scratch several times after business failures, but each time he found a way to return to the top.
In 2014, his fortune was estimated at $40 billion, making him the eighth richest businessman on the planet according to Forbes. Such a massive business inevitably becomes intertwined with politics, and Adelson was no exception. During his life, he was a strong supporter of Donald Trump and one of the key sponsors of the US Republican Party. During the 2020 pandemic, he spent a record $180 million on American elections. He also wielded influence over US-Israel relations. His contributions to Israeli projects made him one of the largest philanthropists in the Jewish community.
The businessman passed away at the age of 87 after a long battle with cancer. Despite the severe illness, he remained the CEO of his company until the very end. At the time of his death, his fortune exceeded $35 billion. Adelson passed away amid a sharp drop in revenues for Las Vegas Sands due to the COVID-19 pandemic. Even before the pandemic, the businessman had planned to sell his luxurious hotels and casinos in Las Vegas.
The Casino King
In 1979, Adelson founded the Computer Dealers Expo (COMDEX). In less than 10 years, it became the largest trade show in Las Vegas. The businessman capitalized on this success, selling it for $860 million.
Adelson’s immense wealth truly skyrocketed after the acquisition of the Sands Hotel & Casino in Las Vegas in 1989. This hotel became the center around which his casino empire was born. He reconstructed the building so extensively that the casino-hotel received numerous architectural awards. He later built another unique complex, The Venetian Resort Hotel Casino. The entire surrounding area was designed to resemble an Italian city, complete with canals and gondolas. The construction cost was estimated at $1.5 billion. The property was so successful that it quickly generated huge assets. It became a prestigious location for business meetings, conferences, and recreation.
But the businessman did not limit his gambling ventures to the US. He was involved in creating the massive Chinese Las Vegas, known as Macao. Following that success, the businessman expanded his casino empire to Singapore. In the late 1990s, he pioneered the integrated resort concept, based on a strategy of vertical integration. At the time, this concept was entirely new to Las Vegas. Even when other new casino resorts opened, “The Venetian” was marketed as a resort experience. He later established the “Sands Casino Resort Bethlehem” in Pennsylvania, Marina Bay Sands in Singapore, and “The Parisian Macao” in Macao. Each subsequent Adelson project was astounding in its scale. His “Marina Bay Sands” building in Singapore, with three towers connected by a “sky park,” became one of the world’s most recognizable structures. Throughout his long career, the billionaire repeatedly opposed the legalization of online casinos in the US. He was often called the “King of Casinos,” but Adelson himself considered himself not a gambling magnate, but an “entrepreneur who creates new markets.”
In the 21st century, this company is the world’s largest casino operator by equity, with assets exceeding $7 billion and employing over 40,000 people globally. Subordinates often highlighted the businessman’s harshness in various interviews. He grew aggressive over employee disobedience, and his furious and frantic shouts became his trademark. George W. Bush Jr. even spoke of Adelson as a “crazy Jewish billionaire” who constantly yelled at him. After the businessman’s death, his wife, Miriam, decided to sell shares in the Las Vegas Sands casino operator worth $2 billion. With these funds, she acquired a stake in the basketball team, the Dallas Mavericks.
Philanthropic Work
One of the main focuses of Adelson’s charitable projects was the fight against drug addiction. He invested heavily in research programs and the battle against narcotics. Unfortunately, this issue personally affected the billionaire, as his sons struggled with drug dependency. Instead of happy, successful lives, they were often lost to cocaine parties and later recovered in expensive clinics. The eldest son could not be saved and passed away in 2005.
In 2007, the businessman established the Adelson Family Charitable Foundation to aid Israel. Funds from the foundation were used to create the Martyrs’ and Heroes’ Remembrance Authority (Yad Vashem). Sheldon was also the initiator behind the creation of the free newspaper, Israel Hayom (Israel Today).
Personal Life
It is known that during his first marriage to Sandra, he adopted her three children. The couple divorced in 1988. Three years later, he remarried. His second wife was Miriam Ochshorn, who heads a clinic for treating and researching drug abuse. Together, the couple founded a school in Las Vegas.
Businessman Adelson also adored luxury, which is hard to miss when looking at his hotels and resorts. However, in his personal life, he remained quite reserved. He rarely gave interviews and avoided excessive publicity. Adelson was deeply connected to his Jewish identity. He actively supported Israeli organizations and contributed to strengthening ties between the US and Israel.