Posts Tagged ‘Sheldon Adelson’

August 4, 2014

Happy Birthday, Sheldon Adelson!

Into his ninth decade, casino mogul has everything except poker's love

Sheldon Adelson turns 81 today, which makes him still just a kid according to my grandmother. We of course all know Adelson is a wealthy man, but I didn’t realize he was the richest person in Nevada (like by far). I mean sure, he woulda made my shortlist if you asked, but I didn’t really place his economic stature in context until seeing this bit of data porn showing who has the largest net worth by state.

adelson-map

So what do you get a man who has everything? OK, maybe Adelson doesn’t have everything, but he does have more personal wealth than the GDP of nearly 100 independent nations. He has so much money ($35.7 billion) that he could singlehandedly pay off ALL of Caesars’ debt and still have more than $12 billion left over — enough to still be the richest person in Nevada, as well as 34 other American states. Sooo … maybe just close your eyes and make a wish?

Posted by at 4:40 am

August 13, 2013

Adelson Lashes out at MGM, Caesars

Crankster CEO of LV Sands disparages Big Casino colleagues for lower room rates

Having navigated MGM Resorts International through almost four years of turbulent economic waters, Jim Murren has grown used to hearing negative comments from haters and detractors.

What surprised Murren, however, were some recent vitriolic remarks directed at his company from a competing corporate office down the street.

Las Vegas Sands Corp. Chairman Sheldon Adelson used his quarterly earnings conference call to blame Caesars Entertainment Corp. and MGM Resorts for driving down hotel room rates along the Strip, thus, diminishing Adelson’s earnings in Las Vegas.

Adelson claimed the industry-leading long-term debt carried by Caesars ($23.7 billion) and MGM Resorts ($13.1 billion) affects the way they do business, such as lowered room rates to drive up occupancy.

“I don’t necessarily blame them,” Adelson said. “I suppose if I were in that position, I might do the same thing.”

In an interview following MGM Resorts’ quarterly earnings conference call last week, Murren, MGM’s chairman and CEO, said his company and Caesars have a better understanding of how Las Vegas works these days than Adelson does. Las Vegas Sands drew 86 percent of its quarterly revenue from Asia.

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July 2, 2013

Cleaning up or Cleaning out?

@OPReport's Online Poker Bulletin

Weekly bulletin from OnlinePokerReport.com for the week of July 1st …

logo-OPReport

STORIES WORTH WATCHING

#1. Bet Raise Fold – Sunday was the worldwide release of the much-anticipated online poker documentary that has – so far – garnered an overwhelmingly positive response from advance viewers. Buy your copy here. If you supported the KickStarter campaign, you should have already received your link to view the movie via email.

#2. Kentucky – After successfully extracting a cool $15mm from bwin.party, Kentucky looks set to continue their litigious ways against other operators that took online bets from the state (and have some resources to target). I’ve been told to expect a significant legal filing related to Kentucky’s actions this week.

#3. PokerStars vs ACC - The ACC filed their response last week to Stars’ application for interlocutory appeal. While we don’t have a firm deadline for a ruling, I can’t imagine the courts are interested in letting this battle drag on much longer, especially given that it clouds the ability of the ACC to pursue an alternative sale. The holiday may result in a delay, but a decision could still be forthcoming in the next few days.

… + THE WEEK THAT WAS

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OPR OUTPUT

On this week’s Rabbit Hunt, Mark and I cover the One Drop action at the WSOP, debate the best way of responding to Adelson and try our best to read the tea leaves of PokerStars’s battle with the ACC.

QuadJacks ran an article of mine imploring people to Stop Writing Responses to Sheldon Adelson. Finally, I offered up some thoughts on the Online Poker Compact Conundrum in the regulated U.S. market.

 

PICKS

#GoodRead – Brad Polizzano penned an informative and concise rundown of the 2013 NCLGS at QuadJacks.

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Get in touch

Chris Grove / chris@onlinepokerreport.com / @OPReport / Google + / Skype: chrisgrove404

Posted by at 6:30 am

June 24, 2013

New Jersey for Sale?

@OPReport's Online Poker Bulletin

Weekly bulletin from OnlinePokerReport.com for June 24th …

logo-OPReport

STORIES WORTH WATCHING

#1. New Jersey – With a weekend deadline for potential licensees to announce partnerships, expect a flurry of activity – and possibly even the announcement of a casino sale agreement – in the next few days. Keep a close eye on Station / Ultimate Gaming, who have hinted they’ll be live in New Jersey at launch, and also the Trump properties.

#2. DiCristina – The general sense of observers is that the DiCristina hearing went well for poker players. Read a synopsis of the hearing at TwoPlusTwo (start at post #18) and at Diamond Flush, and then read Grange’s sober assessment of exactly what impact a favorable ruling would have on the legal status of online poker in the United States. There is no firm timeline for a decision, which could come as early as this week.

#3. Sheldon Adelson - The LVS CEO raised the hackles of online poker players with an opinion piece at Forbes  slamming online gambling regulation and a follow up interview with Bloomberg. Expect more information / insight in the days to come into why Adelson is choosing to publicly attack an industry he once embraced at this particular point in time – and perhaps another blast from Adelson.

… + THE WEEK THAT WAS

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OPR OUTPUT

On this week’s Rabbit Hunt, Mark and I cover Adelson’s slam of online poker, WSOP happenings of note and the DiCristina hearing.

And here’s the latest installment of OPR’s comprehensive Online Poker in the States, providing regulatory updates for all relevant states in the U.S..

 

PICKS

#GoodRead – Kim Lund articulates the Migratory Patterns of Online Poker Players in an interesting piece over at QuadJacks.

@Follow – Great land-based casino coverage from David McKee over at @StiffsGeorges.

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Get in touch

Chris Grove / chris@onlinepokerreport.com / @OPReport / Google + / Skype: chrisgrove404

Posted by at 10:00 pm

May 14, 2013

Las Vegas Sands Sees Record Q1 Profit of $572 million

Singapore, China dominance key in Adelson's latest win

SheldonAdelsonLas Vegas Sands Corp., the gaming company controlled by billionaire Sheldon Adelson, reported first-quarter earnings Wednesday that easily surpassed analysts’ estimates as growth at its Macau properties accelerated.

The casino company last year increased its share of the Macau market with the opening of Sands Cotai Central, its fourth casino in the Chinese gambling enclave. Las Vegas Sands is building The Parisian, its second Cotai Strip resort at a cost of $3 billion.

The Parisian is scheduled to open in late 2015. Adelson told analysts in a conference Wednesday the company is seeking government approval to build its Tropical Garden retail mall in Cotai, a development with 900,000 square feet of “value oriented retail.”

Las Vegas Sands net income for the quarter was $572 million, or 69 cents per share, compared with $498.9 million, or 61 cents per shares, in the first quarter of 2012. Analysts surveyed by Yahoo Finance expected earnings of 67 cents.

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March 7, 2013

Las Vegas Sands Disputes Chinese Bribery Allegations

DOJ, SEC investigations ongoing, along with anti-Adelson media bias?

SheldonAdelsonLas Vegas Sands Corp. called media accounts of the company’s self-reporting that it may have violated federal law that bans the bribing of foreign public officials “misleading and sensationalistic.”

In a statement released Sunday night, the casino operator, which is more than 53 percent owned by billionaire Sheldon Adelson, said it did not violate the anti-bribery provisions of the Foreign Corrupt Practices Act.

On Friday, Las Vegas Sands, in a one-sentence statement within the company’s annual report filing with the Securities and Exchange Commission, said its audit committee found possible violations of the Foreign Corrupt Practices Act.

“As part of the annual audit of the company’s financial statements, the Audit Committee advised the company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA,” Las Vegas Sands said in its Form 10-K filing.

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February 28, 2013

Crotchety Billionaire Problems: Adelson Sues Reporter for Libel

WSJ poker writer assisted with offending article

SheldonAdelsonLas Vegas Sands Corp. Chairman Sheldon Adelson has sued a Wall Street Journal reporter for alleged libel over the way he was described in a December article concerning his company’s legal battle with its former Macau operations chief executive.

According to the newspaper, Adelson filed the lawsuit Feb. 22 in Hong Kong’s Court of First Instance and is seeking “damages, including aggravated, exemplary and special damages.”

The article ran under the headline “Fired Executive Rankles Casino Industry” in the U.S. edition of the newspaper and appeared in overseas editions as well as online.

The article compared Steven Jacobs as “a 6-foot-5-inch-tall Ivy League graduate who colleagues say rarely curses,” with Adelson, described as “a scrappy, foul-mouthed billionaire from working-class Dorchester, Mass.”

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December 14, 2012

Adelson’s Political Bankroll, Table Image to Grow

Casino billionaire vows to double his push to shape Washington DC

SheldonAdelsonAfter contributing as much as $150 million to Republican campaigns and causes to become the top GOP political donor this year, Las Vegas Sands Corp. Chairman Sheldon Adelson isn’t putting away his checkbook.

Instead, the billionaire casino magnate has vowed to double his contributions during the 2016 wide-open White House contest, becoming an unparalleled political power broker courted by Republican leaders on Capitol Hill and presidential hopefuls alike.

Adelson’s millions also may help rebuild the Republican Party in Nevada and finance efforts to reach out to Hispanics, a key voting bloc, GOP insiders and fundraisers say.

“By the time 2015 rolls around, Adelson will probably be on a first-name basis with every Republican candidate serious about pursuing the nomination,” said Jennifer Duffy, an analyst with The Cook Political Report.

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November 17, 2012

Piles of Cash, Torrents of Tweets, and a Whole Lotta Crazy

Inside Gaming: Industry loonies emerge from political fray

Hard as it seems, Peter Carlino and the folks at Penn National Gaming outdid Sheldon Adelson, Steve Wynn and Donald Trump in terms of political lunacy this year.

And it only cost the regional gaming giant $42 million to embarrass itself.

Adelson, chairman and chief executive officer of Las Vegas Sands Corp., dumped at least $53 million of his own money into a variety of super PACs that supported Republican candidates around the country, including GOP presidential nominee Mitt Romney. Other than U.S. Sen. Dean Heller, R-Nev., all his picks fell flat.

Wynn, chairman and CEO of Wynn Resorts Ltd., seemed to spend more time appearing on Fox News than in his company’s boardroom. Wynn used any and every occasion to attack President Barack Obama’s policies.

“It would be a complete disaster if Obama wins, which is why I’m urging my employees to vote for Romney,” Wynn told the Huffington Post the week before the election.

Obama beat Romney in Nevada by more than 66,000 votes.

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September 4, 2012

Inside Gaming: As Feds Investigate Big Casino Biz Practices,
Steve Wynn Goes Mute with Obama Opposition

Until recently, it appeared Steve Wynn had abandoned politics.

Wynn spent three years as the de facto voice of the gaming industry’s unofficial anti-Obama coalition, a high-profile membership of two than included Las Vegas Sands Corp. Chairman Sheldon Adelson.

Wynn provided the rhetoric. Adelson provided the money.

The chairman and chief executive officer of Wynn Resorts Ltd., never missed an opportunity to appear on Fox News or other conservative media outlets to bash President Barack Obama’s administration for what he considers its failings in handling the economy.

Wynn often peppered his remarks with bombastic comments.

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August 6, 2012

Investors Weary of Adelson’s Romney-Love

Focus on politics coincides with downgraded LV Sands stock

A few days after Las Vegas Sands Corp. disappointed investors with quarterly earnings declines that sent the company’s share price tumbling and had analysts breaking out in a cold sweat, Chairman and CEO Sheldon Adelson jetted to Israel to watch presumptive Republican presidential nominee Mitt Romney deliver a speech in Jerusalem.

“It was a great speech. Loved it,” Adelson told Bloomberg News.

In Israel, he was treated like a rock star. Adelson, 78, was swarmed by Israeli citizens, Romney donors, and the press as he slowly made his way to his wheelchair after the speech.

Back in the U.S., Argus Research downgraded its view of Las Vegas Sands stock. The firm placed a Hold recommendation on the shares, a change from its previous Buy rating.

The weaker outlook reflected Argus’ concerns that revenues and profits from Las Vegas Sands’ four Macau casino developments were in trouble. During the quarter, net income from Macau declined 40 percent. Argus said the Chinese economy seems to be slowing. Also, results from the first phase of the company’s $4.4 billion Sands Cotai Central were lower than expected.

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July 19, 2012

The People (of Macau) vs. Sheldon Adelson

Big Trouble in Little China?

We hear a lot about Sheldon Adelson. Poker players love to hate on the cranky old billionaire because how dare the primary beneficiary of the Venetian’s awesome Deep Stack Extravaganza be against online poker! Wasn’t the Venetian its biggest supporter when they welcomed PokerStars and the NAPT into the USA to someday maybe challenge the supremacy of the WSOP? OK, I’m editorializing and asking you to connect dots here that we haven’t even connected yet on paper. But regardless, Adelson seems to have more problems these days than opposition to online gambling.

Here’s Rachel Maddow (the Vanessa Selbst of cable News?) laying out why the GOP’s big sugardaddy — originally a Newt Gingrich guy — is finding himself in some liberal (and government) crosshairs over the appearance of less than ethical behavior in Macau.

And here is NPR on that same story of Adelson possibly facing legal heat for criminal violations of the Foreign Corrupt Practices Act.

Get the sense the liberal media elite ain’t gonna let this one go?

Posted by at 10:31 am

March 8, 2012

Venetian Deep Stack Moves to Palazzo

Replaces April DSE with new "Bounty Festival" amid talks of expansion

Venetian has moved its Deep Stacks Extravaganza tournament series to the Palazzo and replaced one of the quarterly events with a new “Spring Big Bounty Festival.”

The casino just released the schedule for its next Deep Stack series, set to run May 24 to July 15.

There’s no DSE next month, however, meaning there will be only three this year. Instead, they will host the Spring Big Bounty Festival from April 12-22, also at Palazzo.

Since 2009, there have been four Deep Stacks a year inside the Venetian Poker Room, with events starting in January, April, May and October.

That changed in January and February, when players battled in this year’s first Deep Stack Extravaganza in the main casino area of the Palazzo.

With the Venetian being home to the largest poker room in Las Vegas, there’s no word on creating a permanent poker room inside the neighboring tower.

But the tournament shift to the Palazzo — because of already crowded Venetian poker room — appears to coincide with rumblings about expansion.

For at least a couple of years, there’s been talk about making the Venetian, currently 52 tables, even bigger. Already, a roped off area outside the main poker room handles the daily tournaments.

Now, word on The Strip is that work on Venetian’s poker room could start as early as August.

The plan supposedly calls for upwards of 90 tables, new chairs, bigger and better TVs, and tearing down the high-limit wall for better space.

Several attempts to reach casino officials about tournament and poker room changes were unsuccessful.

But it looks like Las Vegas Sands Chairman and CEO Sheldon Adelson might start throwing some money at more than just Newt Gingrich.

Posted by at 4:23 pm

December 8, 2011

In Brief: Legal Biznass

Poker Law, Politics, Business, and Crime

We spend so much time reading about poker legal developments here at Pokerati that we sometimes forget to share the relevant news before the cycle turns to something else … and then I complain that our readers here aren’t as smart anymore as they used to be? It doesn’t take a JD to see the flaw in my logic there. Thus, here’s a much-needed batch of recent highlights and hedlines to keep the incessant but important buzz in context … a semi-special link-dump, btw, brought to you by our new-good friends at LegalPokerSites.com:

First UIGEA Conviction in the Books The DOJ logged their first win on UIGEA charges — making the supposedly weak law thus far undefeated — against online sportsbook operator Todd Lyons. His arrest back in May 2010 shoulda been a big warning sign to American online poker operators (and players?) — and Full Tilt specifically — that the DOJ was coming to get them! [CalvinAyre.com]

First Black Friday Trial Date Set John Campos and Chad Elie, the Utah banker and PokerStars payment processor indicted for their role in online poker criminal activity, have a trial date in March … creating a tangible timeline for Black Friday cases and added pressure on the big fish the DOJ really wants — Isai Sheinberg, Ray Bitar, and Scott Tom. [Legal Poker Sites]

MGM Sues Poker Domain Squatters Just as Caesars sued (and won) to obtain the domain WSOP.com, MGM has filed suit to repossess the domains mgmpoker.com, bellagiopoker.com, luxorpoker.com, mandalaybaypoker.com, and ariapoker.com. Apparently the casino giant thinks they’ll have need for them soon. [VegasInc]

Barton Says Online Poker Bill Still Alive This Congress Rep. Joe Barton (R-TX) gave a luncheon keynote at the DGLP, where he spelled out how his online poker bill is moving forward as a piece of stand-alone legislation and/or still could be absorbed into some omnibus bills. Pretty straight-forward, honest-sounding stuff as Barton even talks about his own live real-money play and admits to multi-accounting for play money on PokerStars. [Pokerati Soundcloud]

Adelson Balks at Readiness for Online Poker The poker masses got spun into a tizzy after Vegas politico Jon Ralston “reported” that Las Vegas Sands Chairman Sheldon Adelson has been buzzing around DC that he is morally opposed to online gambling … and that age-verification technology isn’t ready yet. Ralston concludes that this could kill online poker’s chances in Congress as if Adelson alone is more powerful than the combined forces of Caesars, MGM, Steve Wynn, Station Casinos, Boyd Gaming, Michael Gaughan, et al. Quick to cry, some poker players have begun calling for a boycott of Venetian Poker. [Las Vegas Sun]

Nevada Regulations Almost Ready While so many chatter about complex details of future online poker, the Nevada Gaming Commission and State Gaming Control Board seem to be the only ones systematically moving forward with thorough, enforceable rules and regulations for online gaming. In one of the biggest overhauls to state gaming regs in history, they just released a whole bunch of revisions for licensure and suitable ownership that Big and Small casinos alike are paying close attention to. [gaming.NV.gov]

Fry Howie? Funny/sad, shortly after Black Friday I thought we might be seeing T-shirts that said “Free Howard!” not “Fry Howard!” But loyalty can be a fickle bitch when you eff up with someone else’s money. Hence this flash creation for players wishing to express their personal outrage against Full Tilt and Howard Lederer violently. [PokerListings]

UB Player Database Leaked Lots of offline debate over how and why nearly 3 million poker-player IDs leaked out. Work of a disgruntled employee or scuttling the ship before UB ultimately hits sea-floor? And will there be more such pressings of self-destruct? [Haley's Poker Blog]

Rest o’World: Cyprus on Crackdown, South Africa’s Open-Market Mind, German Pre-unification Some of the other key political moves from the rest of the world, as the future of legal online poker (and gambling) actively takes shape … the mediterranean island that isn’t Malta doesn’t have moral opposition, they just want their cut (kinda like Kentucky) … while South Africa continues its progressive-minded movement from staunch opposition to tolerance to active support of online gambling … all while the German province of Schleswig-Holstein’s acceptance of new online poker rules is so big it actually moved some major market needles. [Legal Poker Sites]

Posted by at 6:26 pm

April 20, 2009

The Venetian, Texas?

Sheldon Adelson

Good-ish article in the Fort Worth Star-Telegram earlier this month about Sheldon Adelson’s vocal interest in Texas. Adelson, of course, is the Chairman and CEO of Las Vegas Sands Corp, aka The Venetian. Of all the casino billionaires out there, he’s probably shown more than any other a (financial) commitment to poker — not only did he help build the best poker room in Vegas, but he even took a chance on The Real Deal! (Oops.)

Adelson was in Austin the other week testifying before the same Licensing and Administration Procedures Committee that voted 6-3 in favor of poker. You all know about HB 222, but there are actually four gambling-related bills pending in Texas right now:

1. Full-on Vegas-style casino-resorts — 12 of ‘em!
2. Poker
3. Slot machines (VLT’s they call them) in the race tracks
4. Online Lottery

Of these four, poker is a little different, because various authorities in the state have already ruled it enough of a game of skill that it doesn’t require a constitutional amendment. Hopefully, Gov. Rick Perry will see it the same not-quite-gambling way, should we get that far, as he has promised suggested he might-well veto any gambling bills sent to his desk.

Clearly, and for obvious reason, Adelson isn’t letting any political posturing deter his efforts to make Texas more Venetian-friendly. But knowing that … man, yo, Shelly, how ’bout throwing a little scratch HB 222’s way! Think of it as a hedge …

More…

Posted by at 4:00 am