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How Casino Mogul Sheldon Adelson Went From Rags To Riches To Become The Republican Party's Biggest Donor

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Sheldon AdelsonSheldon Adelson's entire family once slept all in one room. He used to contribute mainly to Democrats.

But this year, Adelson has become a megadonor to the Republican Party in a furious one-man quest to oust President Barack Obama from the White House. 

Romney's new running mate, Paul Ryan, is scheduled to meet with Adelson on Tuesday in Las Vegas

At 78, Adelson is taking advantage of his ability to contribute an unlimited amount of money to so-called "super PACs," which don't directly affiliate with candidates or parties.

He's also become a somewhat controversial figure in the race, most recently for a scandal in Macau involving a "frontman" on several of Adelson's largest projects.

Primarily, Adelson is using his money and growing influence to advocate for a free Jewish state in Israel, something he staunchly supports. The casino mogul even popped up in Israel a couple weekends ago to aid the candidacy of presumptive Republican presidential nominee Mitt Romney, who he has pledged to support with a possibly "unlimited" amount of money.  

Outside of the Romney campaign, Adelson has spent upwards of $20 million in donations to Republican candidates this election cycle, and almost single-handedly bankrolled Newt Gingrich's rollercoaster primary campaign. CBS pegs him as the biggest super PAC donor of this election cycle.

Adelson mostly avoids the media spotlight, but his rags-to-riches tale reveals some of the reasons as to why he made huge ideological and personal changes through his life. 

Adelson grew up in a working class Boston neighborhood.

His father, who emigrated from Lithuania, worked as a cabdriver, while his mother ran a knitting shop from their home. He, his parents and three siblings slept in one room.

Source: The New Yorker



Adelson's computer trade show, Comdex, became one of the world's largest in the world in the 1980s.

Adelson went on to buy the historic Sands Hotel and Casino in Las Vegas, adding a convention center for the thriving Comdex. Adelson later cashed in on Comdex for $862 million, using the profits to tear down the hotel and rebuild a lavish, Venice-inspired complex.

Source: The New York Times



The Sands Macau is where Adelson made his billions.

Since the Sands Macau, located in Macau Peninsula, Macau, opened its doors, Adelson's personal wealth has "multiplied more than fourteen times," and "earning roughly a million dollars an hour" after the company went public, The New Yorker reported.

Source: The New Yorker



See the rest of the story at Business Insider

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