LAS VEGAS (AP) - Casino mogul Sheldon Adelson lost $4 billion of
his personal fortune last month due to the slumping national economy, even before the latest stock market woes, a newspaper reported.
Adelson was traveling Friday and unavailable for comment, said Ron Reese, spokesman for Las Vegas Sands Corp., the Las Vegas company Adelson controls as chairman and majority shareholder.
Meanwhile, the value of Adelson's holdings in the casino company
slid again, falling 65 cents, or 4.69 percent, to $13.20 in Friday trading on the New York Stock Exchange.
The Las Vegas Review-Journal reported that between Aug. 29 and
Oct. 1, Adelson suffered the steepest drop among those who lost $1
billion or more during the current credit crisis.
He was once considered the third richest man on the Forbes Magazine 400 list of richest Americans. He fell to 15th richest American on the Forbes list, with a $15 billion fortune.
Last week, Adelson and his wife, Miriam Adelson, loaned Las Vegas Sands $475 million through a 6.5 percent convertible note due in 2013. The cash investment helped the company meet its liquidity requirements and avoid triggering a $5 billion loan covenant.
"While the credit markets are experiencing turbulence ... this
investment will strengthen our capitalization and liquidity position as we continue to execute our plans," Adelson said in a statement.
Adelson, 75, built his fortune on a computer show and then gambling.
Las Vegas Sands is the corporate owner of the Venetian Resort
Hotel Casino in Las Vegas and Venetian Macau in China. Adelson
controls almost 70 percent of the company personally and through
Company shares have lost more than 90 percent of their value since hitting a 52-week high of $148.76 last Oct. 29.
Information from: Las Vegas Review-Journal, http://www.lvrj.com
(Copyright 2008 by The Associated Press. All Rights Reserved.)