Sheldon Adelson Confirms Las Vegas Newspaper Purchase

Sheldon Adelson

Age: 79
Las Vegas Sands
Fortune 500 rank: 244 Sheldon Adelson has a knack for choosing his bets wisely. The IPO of his casino company Las Vegas Sands in 2004 made him a very rich man. Today, Adelson now controls one of the world's largest personal fortunes, and he hasn't been shy about spending it. According to The New York Times, in 2012 Adelson became the biggest single donor in political history, when he gave more than $60 million to a handful of Republican candidates and causes. Mitt Romney may not have won the presidency, but that wasn't because Adelson didn't do his part. Las Vegas Sands operates casinos, hotels, malls, and resorts in Asia and the U.S. It has a particularly spectacular portfolio in Macau, the largest gaming market in the world and the only Chinese territory where it's legal to gamble in a casino. In Macau, it operates the Sands Macao, the Four Seasons Macao, and the grandiose Venetian Macao, which has 460 table games and 2,200 slot machines, plus a 39-floor luxury hotel tower. The company has, however, run into trouble in the region, and it recently acknowledged that it likely violated some provisions set by the Foreign Corrupt Practices Act.
Photo: ROSLAN RAHMAN/AFP/Getty Images

Casino magnate and GOP mega-donor Sheldon Adelson this morning confirmed that he is the (formerly) anonymous purchaser of the Las Vegas Review-Journal newspaper, as first reported yesterday by Fortune.

In a formal statement published in this morning’s edition of the Review-Journal, Adelson wrote that he never intended to keep the $140 million deal secret, but wanted to refrain from making an announcement until after Tuesday night’s Republican Party presidential debate at his Venetian Las Vegas property, so as to not become a distraction. He provided no explanation as to why he continued to decline comment throughout the following day, including after Fortune‘s original report.

Late last night, the Review-Journal reported that the purchase was “put together at the behest” of Adelson by his son-in-law Patrick Dumont, who serves as senior VP of finance and strategy at Adelson’s Las Vegas Sands Corp. (LVS).

The statement — made officially on behalf of the “Adelson family” — says that the “motivation for purchasing the R-J is simple. We believe in this community and want to help make Las Vegas an even greater place to live.” You can read the entire thing below (thanks to @RalstonReports for the photo grab):


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