Life has been pretty sweet for Sheldon Adelson over the past five years. The Las Vegas Sands Chairman has seen his net worth skyrocket since 2009 on the strength of a Macau gambling boom. And in early 2014, his net worth hit a lifetime high of $37 billion.
But unfortunately for Adelson, the boom seems to be over in Macau, amid heavy regulation by the Chinese government. China’s crackdown on political corruption and money laundering has ultimately cost Adelson $10 billion over the past year. Given that the 81-year-old is one of the staunchest opponents of US iGaming, it’s worth asking if this huge loss could affect his viscous campaign to halt the activity in America.
A potential distraction for Sheldon Adelson
Riding the high of his soaring net worth and Sands’ profits, Adelson has been able to devote more time and resources to fighting online gaming. He’s also made lots of political contributions to both Democrats and (mainly) Republicans to accomplish his agenda. But now that his personal fortune has dropped from $37 billion to $27 billion, it’s very possible that this could distract Adelson from his anti-online gaming campaign.
What’s more is that the money he’s losing may not be coming back. Considering the sagging Sands’ revenues in Macau, many question the long-term potential of the company. Adelson, who spent nearly $150 million on Republican candidates during the 2012 election cycle, could possibly back off some mega-donations until the Macau fall levels out.
But on the other hand…
If anybody is good at riding out the storm and making a comeback, it is Adelson. In early 2009, his net worth declined from $30 billion to $2 billion, a 93% drop. However, the man who got his entrepreneurial start by selling newspapers on a Boston street corner fought back and made aggressive decisions like building the Marina Bay Sands in Singapore. And as mentioned before, his net worth increased greatly while peaking at $37 billion.
This being said, Adelson may be down right now, but he still remains a formidable opponent for iGaming as we head into 2015.