Adelson’s Losing Streak

Back in March, when his company, Las Vegas Sands, was trading at over $80 a share, I reckoned that Sheldon Adelson’s bubble was ripe for bursting. Today, it’s bumping along at about $11. Is Adelson still the richest Jew in the world? According to Forbes, he’s not even the richest Jew in America: that would be Mike Bloomberg, with a net worth of $20 billion.

Google co-founders Larry Page and Sergey Brin are worth more than Adelson, too. Adelson was worth just $11 billion on October 1, and that was with LVS trading at almost three times its present level; he’s down in single digits at this point. I hope he’s diversified: Las Vegas Sands has almost $11 billion in debt and less than $1 billion in cash; a large chunk of its assets are unbuilt casinos in Macau. If Adelson can’t refinance when he needs to, LVS could go to zero.

This entry was posted in wealth. Bookmark the permalink.