Sheldon Aldeson

DEFINITION of 'Sheldon Aldeson'

Sheldon Aldeson, chairman and CEO of Las Vegas Sands Corp. (LVS), is the world’s 22nd-wealthiest person as of May 16, 2016, according to Forbes, with an estimated net worth of $26.1 billion (down from $37.9 billion in 2014). He was born in 1933 to Sarah (née Tonkin) Adelson, who ran a knitting shop, and Arthur Adelson, who drove a taxi. The family lived in a one-bedroom apartment in Dorchester, Boston during. Adelson's first job was selling newspapers, and his first business was selling toiletries.

BREAKING DOWN 'Sheldon Aldeson'

Aldeson enrolled at City College in New York and studied corporate finance, but dropped out before earning a degree. He joined the Army and worked on Wall Street, where he began to grow his fortune though mortgage banking and investment advising. He also worked in the travel industry as an investor in the American International Travel Service, then became a real estate broker.

He founded computer trade show Comdex in 1979, which he sold in 1995, and the money he made from it allowed him to start investing in casinos. He purchased the Las Vegas Sands casino in 1988 with his business partners at a bargain price of $128 million, then went solo and demolished it in 1996 to replace it with the Venetian Resort Hotel Casino and the Sands Expo and Convention Center, which opened in 1999. In 2004, he took his company public.

Aldeson opened the Marina Bay Sands hotel and casino in Singapore in 2005, which is known for its SkyPark that sits atop three skyscrapers and contains an infinity pool, restaurants, bars and an observation deck. The Chinese government began allowing him to do business in Macau in 2003 and he opened the Sands Macau in 2010. He quickly became dependent on the island for revenue, and President Xi Jinping's crackdown on corruption, which began to hammer Macau's gambling revenues in  2013, sent Las Vegas Sands' shares down by nearly half over 2014 and 2015.

The self-made multi-billionaire has donated millions to charity, including to the Friends of the Israel Defense Forces, Birthright Israel, and the Yad Vashem Holocaust Martyr's and Heroes' Remembrance Authority. He has also set up the Adelson Educational Campus, which built a high school in Las Vegas; and the Boston-based Dr. Miriam and Sheldon G. Adelson Medical Research Foundation, which funds medical research. 

Following his decision to leave the Democrats, which he explained in a 2012 Wall Street Journal op-ed, Adelson has been a major political supporter of Republican candidates, including George W. Bush, Newt Gingrich and Mitt Romney. He met with several Republican candidates during the 2016 Republican primary, but lent his support to Ted Cruz, who dropped out of the race in early May of that year. On May 13, the New York Times reported in that Adelson may donate over $100 million to Trump's campaign. Adelson has reportedly called the safety of Israel his top political priority. 

Adelson owns Israel Hayom, a free Hebrew- and English-language daily based in Tel Aviv. The paper is considered to be sympathetic to the right-leaning Likud Party and is popularly known as "Bibiton," or Likud Prime Minister Benyamin Netanyahu's (Bibi) newspaper (iton). Adelson also owns the Las Vegas Review-Journal, another daily.

RELATED TERMS
  1. Michael Bloomberg

    Michael Bloomberg is one of the wealthiest persons in the world ...
  2. Tel Aviv Stock Exchange (TLV) .TA

    The securities market in Israel. Securities exchange in Israel ...
  3. Oil Sands

    Sand and rock material which contains crude bitumen (a heavy, ...
  4. Peter Lynch

    One of the most successful and well known investors of all time. ...
  5. Vega

    The measurement of an option's sensitivity to changes in the ...
  6. Bill Gross

    A well known bond investment manager, William Gross is the founder ...
Related Articles
  1. Stock Analysis

    How Las Vegas Sands Corporation Handles Macau (LVS)

    Find out how Las Vegas Sands is weathering the downturn in Macau by maintaining focus on long-term growth and diversified revenue streams.
  2. Investing News

    Las Vegas Sands Appoints New CFO (LVS)

    Given Adelson's rate of success, if judging by his bank account, he's made tons of good bets. And Dumont, over time, will prove whether Adelson was right.
  3. Entrepreneurship

    Top 4 Billionaires Living in Las Vegas

    Learn how Las Vegas billionaires made their fortunes by creating one of the most luxurious tourist destinations in the world in the middle of the desert.
  4. Investing News

    Las Vegas Sands Stock Topples After Earnings Call (LVS)

    The company earnings fell below estimated levels proving it's not immune to negative trends in the industry.
  5. Stock Analysis

    Why the House (and Las Vegas Sands) Always Wins

    An in depth look at how Las Vegas Sands became a multi-billion dollar company.
  6. Stock Analysis

    3 Reasons to Buy Las Vegas Sands Stock (LVS, AAPL)

    Most Americans think of Las Vegas Sands (NYSE: LVS) as the company that helped make the Nevada gaming capital the place it is today, with the Sands Hotel's history extending back to the beginnings ...
  7. Fundamental Analysis

    Whose Money Keeps the Republican Party Rolling (VHI, LVS)

    We'll take a look at largest Republican donors, a collection of moguls, magnates, shadowy corporations and more than one donor from beyond the grave.
  8. Home & Auto

    How Much Money Do You Need to Live in Las Vegas?

    Learn how much it costs to live in Las Vegas and how that amount varies based on whether you are a student, a professional or an unemployed job-seeker.
  9. Stock Analysis

    Sands and MSG to Build Big New Vegas Event Venue

    Just how many major event venues can Las Vegas sustain? The Nevada gambling oasis was already been undergoing a building boom, and now casino operator Las Vegas Sands (NYSE: LVS) has announced ...
  10. Stock Analysis

    Effect of China's Slowdown on Gambling Stocks in the US (LVS)

    Find out how the recent market crash in China has impacted the U.S. gambling industry and how big resort stocks such as Wynn Resorts and Las Vegas Sands have fared.
RELATED FAQS
  1. How did Warren Buffett get started in business?

    Warren Buffett may have been born with business in his blood. He started saving while other children were at the playground, ... Read Answer >>
  2. How do the costs of oil sands producers compare to traditional drillers?

    Learn the per barrel breakeven cost of oil sands producers compared to traditional drillers including OPEC and onshore and ... Read Answer >>
  3. What taxes will I pay if I win a lot of money while gambling in Las Vegas?

    Travel to Vegas and try to win big at the casino; but before you do, make sure you understand the tax laws that govern gambling ... Read Answer >>
  4. Where is the best place for my 22 year old son to start investing his savings in ...

    My young son is saving faithfully and has amassed a few thousand dollars and continues to save at leas... Read Answer >>
  5. How can an investor profit from a fall in the utilities sector?

    Learn how an investor can profit from a fall in the utilities sector by employing speculation methods such as short selling ... Read Answer >>
  6. Who does Warren Buffett plan to bequeath his estate to?

    Find out how much Warren Buffett is leaving for his heirs and how he wants the funds invested after his death. Learn about ... Read Answer >>
Hot Definitions
  1. Labor Market

    The labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. ...
  2. Demand Curve

    The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity ...
  3. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  4. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  5. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  6. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
COMPANIES IN THIS ARTICLE
Trading Center