Republican mega-donor Sheldon Adelson rakes in $3.8 million in casino profits
Casinos owned by billionaire Republican donor Sheldon Adelson made profits of $3.8m last year as revenue increased to a record $14.6bn, leaving Adelson “extremely pleased”.
The Las Vegas Sands corporation – which is just over 50% owned by Adelson, 81, and his wife Miriam – made more than $12m from bets and another $2.5m from hotel rooms and food and drink sales in 2014.
Adelson, who is the world’s 17th richest man according to Forbes with an estimated $29bn fortune, collected total pay of $14m in 2013.
Adelson, who is chairman and chief executive, will be paid even more for 2014 as the company, increased its fourth quarter dividend by 42.9%.
Adelson was pleased to have generated “the industry’s highest revenue and profit” from non-gaming sectors, like hotels and shops.
The company owns The Venetian and The Palazzo on the Las Vegas strip as well as casinos in Macao and Singapore.
“Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $711.2m in adjusted property [earnings before interest, taxes, depreciation and amortization] across our property portfolio,” Adelson said. “Despite some obvious challenges in the Macau market, we delivered a strong set of market results.”
Adelson spent more than $93m trying to help a Republican into the White House in the 2012 election and has already started donations towards Republicans 2016 campaigns.
guardian.co.uk © Guardian News and Media 2015