A gambling concession in Chinese island Macau has been licensed to print money for billionaire Sheldon Adelson--helping make him one of America's richest men. But a Las Vegas jury's ruling this Saturday raises questions about how he got his hands on these lucrative rights. The jury found Adelson's Las Vegas Sands owes Hong Kong businessman Richard Suen USD 43.8 million for his role in the company's success.
The No. 2 executive at Las Vegas Sands Corp. said Monday that he believes a corporate tempest caused by casino company chief Sheldon Adelson's testimony about a possible breach of fiduciary responsibilities has blown over. "It all got straightened out by the end of the day," said William Weidner, chairman and chief operating officer of the parent corporation of The Venetian resort.
The biggest players in the gaming business have long wondered exactly how Sheldon Adelson’s company won one of three lucrative casino licenses in 2002 to operate in Macau. It was the deal of a lifetime — one that made Adelson one of the world’s richest men and spawned an Asian gaming frontier richer than the Las Vegas Strip and evolving to adult size in one-tenth the time.
Las Vegas (AP) -- Billionaire Sheldon Adelson flipped the switch "on" for his newest creation, the USD 1.9 billion Palazzo hotel-casino, with a modest fireworks display and champagne toast in the brisk January air. The gigantic hotel-casino -- Palazzo means "palace" in Italian -- officially debuted Thursday as the biggest resort to open on the Las Vegas Strip in three years.
Las Vegas - Sheldon Adelson, the casino mogul, has seen his personal net worth plummet by more than USD 15 billion in recent months as Wall Street investors have grown more bearish about the prospects of casino companies that are pushing aggressively into Asia. That slide might put a crimp in his stated goal of surpassing Bill Gates and Warren Buffett, the only two titans ahead of him on Forbes' recent list of the richest people in the United States.
Las Vegas Sands tycoon Sheldon Adelson, the first outsider to open a casino in Macau and whose company won a license to open the first casino in Singapore, now hopes to keep winning in Massachusetts. Like other Las Vegas operators, Adelson is closely watching Governor Deval Patrick’s campaign to bring casinos to Massachusetts. The governor’s legislation would license three resort-style casinos, which he says would generate USD 400 million annually in tax revenue and 20,000 jobs.
Casino tycoon Sheldon Adelson, who recently launched the world's biggest gambling complex, may have given up on hopes of establishing a casino in Israel, but Tourism Minister Yitzhak Aharonovitch on Monday said he plans to push hard for a legal gambling house in the southern city of Eilat. Aharonovitch made the announcement Monday at a meeting of the Knesset Economics Committee where he presented the ministry's work plan for 2008.
Macau: With a net worth of USD 20.5 billion, Sheldon Adelson is ranked third on the Forbes list of richest Americans. The 74-year-old chief executive of Las Vegas Sands attributes his rags-to-riches story to making right decisions at the right time. In Macau for the inauguration of the USD 12billion Venetian Macao resort with 3,000 hotel rooms, a 15,000-seat stadium and 350 shops, besides a USD 2.4 billion gaming centre, the gambling tycoon shared with The Times of India his success story.
Las Vegas Sands Corp.’s billionaire Chairman Sheldon Adelson opened the world’s biggest casino in Macau and unveiled ambitions to expand in India and Japan as Asian gambling booms. The new 3,000 room Venetian Macao resort aims to tap China’s 1.3 billion people, and Adelson said he’s also keen on opening in the world’s second-most populous nation. "We are very much interested in, one, attracting Indians to come to Macau, and two, establishing in India, when the government makes the necessary changes,”...
Macau (Reuters) - The world's biggest casino opens in Macau on Tuesday, the most ambitious throw of the dice yet in a USD 24 billion effort to build a Las Vegas-style "neon alley" in this once-sleazy Chinese gambling enclave. The hopes of more than a dozen hotel, casino and retail operators building on the "Cotai Strip" -- 4 square km (1.5 square miles) of reclaimed land fusing two islands -- are pinned on the Venetian Macao, built by U.S. operator Las Vegas Sands Corp.
Stanley Ho (Founder and managing director SJM): The elusive billionaire had a 40-year monopoly on Macao gambling and remains one of the world's biggest casino operators, despite inroads by American companies, such as Las Vegas Sands Corp. and Wynn Resorts Ltd., that have cut his market share nearly in half. Ho is countering with more elaborate casinos, including the Grand Lisboa, which debuted in February, and two outsized casino projects, Oceanus and Ponte 16.
Las Vegas - Billionaire casino magnate Sheldon Adelson has been in his home state of Massachusetts lobbying to legalize casino gambling there, but the casino company he controls has no interest in partnering with Indian tribes to do so, an executive said Thursday. "There's no reason for us to talk to the tribes, quite frankly," Las Vegas Sands Corp. president William Weidner said in a conference call with reporters Thursday.
