Sheldon Andelson's Casino Loss
/ Editor / 17 January 2008 / Leave a comment
SHELDON Andelson, the casino magnate has made the news.
He has lost more than $15bn.
As the Sydney Morning Herald reports: "The casino mogul Sheldon Adelson has seen his personal net worth plummet by more than $US15 billion ($17 billion) in recent months as Wall Street investors have grown more bearish about the prospects of casino companies pushing aggressively into Asia."
Save your pity. Andelson is, according to Forbes's most recent list of America's wealthiest individuals, only worth less than Bill Gates and Warren Buffett. Both rich.
As reported: "Mr Adelson, 74, still holds $US19 billion of stock in Las Vegas Sands, which operates the Venetian in Las Vegas and two giant casinos in Macau, the Chinese territory that has surpassed the Las Vegas strip as the world's top gambling market."
Want to k now how he made it? "Mr Andelson started a business selling toiletry kits to motels."
He started off in soap.
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