Posted on: October 26, 2022, 01:45h.
Last updated on: October 25, 2022, 06:41h.
Dr. Miriam Adelson, 77, became one of the world’s richest individuals following the 2021 death of her husband Sheldon Adelson. The late founder, chairman, and CEO of Las Vegas Sands died on January 11, 2021, at the age of 87 from complications related to his non-Hodgkin’s lymphoma.
Upon his death, Dr. Miriam Adelson became Sands’ largest shareholder, with an approximate ownership stake of 52.2%. A physician by trade, the philanthropist’s net worth has significantly declined since her husband’s death, as Sands sold off its Las Vegas holdings to focus on Macau and Singapore.
With Macau essentially remaining shut to most outsiders and the well-to-do mainlanders who prior to the pandemic kept the Chinese enclave’s high roller rooms bustling, Sands stock has tumbled from around $53 at the time of Mr. Adelson’s passing to below $35 this week — a 34% drop.
But while Dr. Adelson’s net worth has diminished from more than $38 billion in 2021 to $27.5 billion, she remains committed to carrying out her husband’s steadfast support of political candidates who align with the Republican Party.
2022 Midterm Funding
The Adelsons in 2016 gave more than $100 million to Donald Trump, as the former casino tycoon turned politician sought the White House. Adelson and his wife also heavily supported Trump’s unsuccessful 2020 re-election, though they reigned in their Trump contributions to about $50 million.
Mr. Adelson’s support of the GOP dates back long before Trump. And his riches from building and opening The Venetian and Palazzo on the Las Vegas Strip — and being the visionary behind the Cotai Strip in Macau — will apparently long support Republican candidates, should Dr. Miriam remain in control of his estate.
According to campaign finance records disclosed by the Federal Election Commission, Dr. Adelson made two separate $5 million contributions this year to the Congressional Leadership Fund. The super PAC (political action committee) is dedicated to electing Republicans to the House of Representatives.
Though $10 million is a considerable amount of dough, Dr. Adelson’s 2022 midterms spending pales in comparison to the 2018 midterms, when she and her husband dumped $122 million into the congressional races.
Casino Billionaires Back GOP
Dr. Adelson is one of several billionaires who predominantly made their vast wealth through the casino industry backing Republicans this election season.
In August, Steve Wynn gave $10 million to “Our American Century,” a conservative super PAC that is currently focused on putting Dr. Mehmet Oz in the US Senate from Pennsylvania.
Brothers Lorenzo and Frank Fertitta III, along with their wives, have given more than $1.5 million, all of it to PACs supporting GOP candidates. The Fertittas control Red Rock Resorts/Station Casinos.
The Fertittas’ third cousin, billionaire Tilman Fertitta, who owns the Golden Nugget casino brand, Landry’s, and the NBA Houston Rockets, is also supporting Republican candidates, but only to the tune of about $200,000.
Treasure Island and Circus Circus billionaire owner Phil Ruffin, a longtime Trump friend who additionally controls a 50% stake in Trump International Hotel Las Vegas, is also backing the GOP. Ruffin gave $500,000 to “Make American Great Again Action, Inc.” last year, and about $150,000 to congressional GOP candidates in 2022.