Wednesday, January 12, 2005
Worth $1.8 billion, including the Vegas and Macau casinos.....
Haaretz - Israel News - The richest Jew in the world owes it all to gambling
Gambling isn't exactly the foundation of a traditional Jewish lifestyle, but the world's richest Jew owes his tremendous fortune to casinos. Sheldon Adelson, 71, is worth an estimated $15 billion, most of it invested in shares in Las Vegas Sands, after the company's red hot December initial public offering. Las Vegas Sands owns and operates a number of hotels, casinos and exposition halls in Las Vegas and on China's Macau Island.
Adelson, an observant Jew and a major contributor to the Las Vegas Jewish Federation and Habad, is the chairman of LVS and its major shareholder. The company raised $690 million in the IPO, issuing shares at $29 that skyrocketed to $46.5 on their first day on the NYSE floor.
This wasn't the first time Adelson made money in Vegas, and not from the city's all-pervasive slot machines. His first big cash cow was the 1995 sale of Comdex - a huge exhibition and conference center, off which Adelson pocketed $860 million. In early 2004, Forbes magazine estimated he was worth $1.8 billion, including the Vegas and Macau casinos.