Sheldon Adelson Top U.S. Earner Under ObamaTakes in $21.6 Billion Over Past Three Years, According to Report |
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Casino mogul and online gaming critic Sheldon Adelson has made $21.6 billion during President Barack Obama’s time in the White House, according to Forbes.
The figure reportedly makes Adelson the top earner in the U.S. over the past three years — ahead of even Bill Gates and Mark Zuckerberg. The 78-year-old Chief Executive Officer of the Las Vegas Sands Corp. is one of the richest men in the world.
The stock of the casino company has climbed more than 3,000 percent over the time span, according to CNN Money.
Despite the success, Adelson is looking to get Obama out. He has donated millions to the campaign of friend and presidential candidate Newt Gingrich.
While many of his fellow casino owners in Las Vegas are in support of Nevada’s efforts to bring intrastate online poker to fruition, Adelson remains publicly opposed to the activity.
Late last year, the Las Vegas Review-Journal reported that Adelson is morally opposed to the federal legalization of online poker and doesn’t believe technology exists to prevent underage gambling.
Nevada is moving ahead with its plans, despite lobbying efforts from some of gaming’s biggest players stalling on Capitol Hill. Thanks to a recent Department of Justice flip-flop on a decades-old law, states have legal wiggle room to potentially form coalitions for the industry — a model that is likely to be similar under an opt-in or opt-out federal bill.
With booming casino interests in Macau and Singapore, Adelson’s business has yet to make a foray into an Internet gaming market, despite having a popular live poker room at The Venetian in Las Vegas. The company also expanded to Pennsylvania in May 2009.
The long-time supporter of the Republican Party recently pledged $100 million to put a conservative in the White House. Adelson once gave money to former online poker villain Sen. Jon Kyl, who was a major supporter of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006.
Adelson’s position on Internet gaming drew sharp criticism from one of Las Vegas’ most influential families.
Brian Greenspun, editor of the Las Vegas Sun, wrote in an editorial that he wishes Adelson “could understand why it is better for the federal government to regulate the industry and why it is better for the state of Nevada […] to take the lead on licensing and regulation.”
Whatever happens in November, Adelson’s political contributions to presidential candidates won’t matter much with regards to online poker efforts.
Dr. Kenneth Fernandez, a professor of political science at the University of Nevada Las Vegas, said that it’s unlikely Adelson’s donations will have “any real influence” since there is too much scrutiny on candidates.
Adelson’s views on the Internet don’t align with the American Gaming Association. The industry’s top lobbying group is fully behind federal legislation. Mike Leven, President of Las Vegas Sands, serves as a member of the AGA’s board of directors.
Despite his enormous wealth, Adelson is still just one casino owner, said Dr. David Schwartz, Director of the Center for Gaming Research at the UNLV.
“There’s a lot of different voices there. I don’t think his opinion invalidates the opinions of other folks — Wynn, Caesars, MGM — who are in favor of [online poker],” Schwartz said. “Obviously if you have an opponent it’s not going to make it easier, but I don’t think it’s insurmountable. If it forces the proponents to take a closer look at the age verification and explain what they are doing, and make a stronger case, in the end I think this is a good thing. I think that ultimately someone will be able to demonstrate age verification to Adelson’s satisfaction, and he may support it after that.”
The ball is rolling for Nevada online poker, as regulators have finalized the rules and are gearing up for a potential licensing phase.
Pempus on Twitter — @brianpempus
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