Sheldon Adelson Bets Big

Yet another tycoon who has graced the cover of Haute Living is seeing a bit of financial hard times. Las Vegas Sands founder Sheldon Adelson, who was profiled in the September/October 2007 edition of Haute Living Florida, is “doubling down” on his recent half-billion dollar bet on his company, trying to keep the casino from falling into bankruptcy, according to Forbes. Las Vegas Sands owns the Venetian Resort Hotel Casino, the Sands Expo and Convention Center, and Venetian Macao Limited, a developer of multiple casino hotel resort properties in The People’s Republic of China’s Special Administrative Region of Macao.

His plan will double the number of outstanding shares while reducing Adelson’s controlling stake in the casino company to just over 51%, down from 69% earlier this year. The company’s stock has fallen 96% since this time last year. This has reduced Adelson’s personal fortune to $2.2 billion. While that may not be too shabby a figure, consider this: when Adelson appeared on our cover, he was the third-wealthiest American with a net worth in the area of $28 billion.

Via Forbes