Sheldon Adelson, From Selling Newspapers To Owner Of The Venetia Resort Hotel Casino and Sands Expo
Sheldon Adelson is the owner of the Las Vegas Sands Corporation, Marina Bay Sands in Singapore, the Las Vegas Review Journal, and the Israeli daily newspaper.
He was the guy behind the success of the COMDEX, which is a computer trade show that made him a fortune and took him into the casino resort business.
Sheldon Adelson’s net worth was $40 billion as of January 2018.
This is his story…
Sheldon Gary Adelson was born in a poor neighborhood in Boston, Massachusetts.
His father used to drive a taxi and sell advertisements at the same time, while his mother owned a small knitting shop.
His parents had a lot to do with creating his entrepreneurial spirit. He earned his own money selling newspapers at a very young age.
Indeed, Sheldon owned his first business at the age of 12 selling toiletries.
In the early 1950s, he studied at the City College of New York, but dropped out in less than 2 years.
After that, he joined the U.S. army and worked as a court stenographer on Wall Street. He did not last long in the army.
He left and worked as a mortgage broker and investment adviser, where he made his first fortune.
He started investing in various companies, one of which was the American International Travel Service, a travel and tour company.
Although the business was very profitable, it turned sour when the stock market declined in 1960. With the business running not too well, he decided to go back to the real estate brokerage business, but this time, only arranging condominium conversions.
It went fine until the condo market gone down.
The market slow down left him scrambling for a lifeline.
It was at that time he bought a magazine publishing company, which featured the Data Communications User computer magazine.
The venture motivated him to start a trade show focused only for the computer industry. The plan actually worked and the shows gave him so much profit.
He decided to sell his condominium holdings and publishing company.
Any show he organized was always a success in those days that he launched the Interface Group where he earned at $250,000 in the first year of operation.
After 5 to 6 years, he created the Computer Dealers Expo or COMDEX and had gross earnings of $20 million in 1987.
The Interface Group also showed a net income of $250 million.
After his divorce with Shelley, he started looking for new business ideas to keep his mind off it.
He thought it was the right time to enter the gambling industry. Together with his
partners, they purchased the Sands Casino in 1988. The casino provides a resort, a shopping mall and a convention center.
He and his partners sold the COMDEX for $860 million in 1995. His share of the sale was $500 million.
Using this as an initial investment for his own hotel casino, he proceeded to build the $1.5 billion Venetia Resort Hotel Casino.
He wanted the Venetia to be more than just a gambling place. After the construction was completed, it boasts of a full service spa, luxury theater and several retail shops in addition to its 4,000 rooms.
The Venetian sits on a 120,000 square foot land.
He also grew his Sands Expo and Convention Center businesses at the same time with the Venetian casino.
Shortly afterwards, he was invited to open another Venetian Casino in Macau, which became the center of a massive gambling in Asia.
Singapore Marina Bay followed where he was given a license to construct another Venetian casino resort.
As a philanthropist, Sheldon Adelson, has donated to many organizations and a variety of causes.
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