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Nairaland Forum / Entertainment / Man Loses $10 Billion In Las Vegas (8795 Views)
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Man Loses $10 Billion In Las Vegas by Geestunnar(m): 5:19pm On Dec 27, 2014 |
Have you ever gone home with a lighter wallet after a trip to Las Vegas? You're not the only one. In fact, one man has watched nearly $10 billion of his Vegas fortune vanish in 2014. Source: Flickr user Stuart Richards. The man Sheldon Adelson is the Chairman and CEO of Las Vegas Sands (NYSE: LVS ) a $45 billion firm that operates "integrated resorts" -- casinos with hotels, event spaces, and countless other amenities -- like the Venetian Las Vegas, Marina Bay Sands in Singapore, the Venetian Macao, and many others across the globe. But Adelson didn't start life in the lap of Las Vegas luxury. In 1933, he was born in Boston and was raised in a one-bedroom apartment that his parents and three siblings shared. His father was a cab driver, and his mother ran a small knitting shop. From an early age, Adelson's entrepreneurial ambition kicked in, and he began selling newspapers on the corner of a Boston street when he was just 12 years old. Upon graduating high school he joined the Army, and then he slowly but surely navigated the business world until he bought the Sands Casino in 1989 for $128 million after hosting the Comdex computer convention there for years. Then in 1996, he began building the Venetian, and the rest, they say, is history. The no-good year But 2014 hasn't been the best of years for Adelson. Las Vegas Sands has watched its stock plummet by nearly 30% on the year thanks to declining revenue in Macau (essentially the Las Vegas of China) resulting from heightened government regulation. This has led many to question the long- term viability and growth potential of the company. As a result, Adelson has seen nearly $10 billion of his net worth vanish, according to the Bloomberg Billionaires Index. But this hasn't been the first time Adelson has faced adversity. At the height of the financial crisis in 2009, Adelson's net worth fell from $28 billion to $3 billion as Sands amassed $10 billion in debt to finance more than $19 billion of expansions in Vegas, Macao, and Singapore during 2007. The market crashed soon afterward, and the stock price of Las Vegas Sands plummeted by more than 99% from its peak in October 2007: It even took $1 billion of investments from Adelson's personal cash pile to ensure Las Vegas Sands would remain afloat. In a few years' time, the economy rebounded, and Adelson's company watched its stock price soar nearly 7,000% over the five-year period from its low in March 2009 to its peak in March of this year. While Las Vegas Sands remains down from its peak, the reality is that Adelson's wealth still stands at a staggering $27 billion, making him the 23rd-richest man on the planet. The years to come So what does the future hold for Sheldon Adelson and Las Vegas Sands? Only time will tell, but as fellow Motley Fool contributor Dan Caplinger notes, all signs indicate that an investment in the company is anything but a gamble, and it presents a compelling investment case. And when you consider that Adelson has been through this before, he's a tough man to bet against |
Re: Man Loses $10 Billion In Las Vegas by Geestunnar(m): 5:22pm On Dec 27, 2014 |
Re: Man Loses $10 Billion In Las Vegas by fromnigeria(m): 1:15am On Dec 28, 2014 |
you win some and lose... He lost so much though. 1 Like 1 Share |
Re: Man Loses $10 Billion In Las Vegas by ZacharyMarx: 10:25am On Sep 26, 2019 |
I used to play games on the computer, but somehow it didn’t really amuse me. Tired of 2 weeks. What was missing was some excitement. I decided at my own risk to go to the online casino and got to https://slotsonlinecasino.com/. Although the plots of their igor are less intricate, they are full of excitement and you can earn money for entertainment. |
Re: Man Loses $10 Billion In Las Vegas by Manicopus: 3:29am On Mar 10, 2020 |
Now to make a good profit it is necessary to integrate into the sphere of programming, because the basic money is spinning there. I recommend everyone to read the article https://merehead.com/blog/best-it-conferences/ where it conferences are described. Here are described only the latest conferences and those insider's that you can get there, without which it is simply impossible to hold your hand on the pulse. |
Re: Man Loses $10 Billion In Las Vegas by Openbusiness4: 7:25am On Jul 22, 2020 |
Re: Man Loses $10 Billion In Las Vegas by honourable1769(m): 10:50pm On Jul 24, 2020 |
its a gamble. Get your pack for just 2k and start making your own money in dollars.
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Re: Man Loses $10 Billion In Las Vegas by Geestunnar(m): 6:59pm On Jul 27, 2020 |
.. |
Re: Man Loses $10 Billion In Las Vegas by ohchacha: 2:06am On Nov 10, 2020 |
Wow... This is actually one of the reasons why I will never go to Las Vegas in my life. Even though I don't have such large amounts of money, I don't want to lose what I have. Especially considering the fact that I'm quite a gambler. I'm afraid if I lose there once, I'll be unstoppable. When I play on the Internet, for example in fairspin.io I don't feel that way. I just relax sitting at home. But once I get into that Vegas vibe... I'm afraid this will be the last day of my financial well-being, lulz. |
Re: Man Loses $10 Billion In Las Vegas by Xtvafrica: 12:42pm On Dec 08, 2020 |
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