BizJournals Portfolio
Home >   Business Views, Opinions and Blogs >   Business Blogs >   Market Movers >  

Adelsons Losing Streak

Market Movers

by Felix Salmon
Main
Blogonomics: When Blogs and Links are Second-Class   Extra Credit, Thursday Edition

Recent Blog Posts

Links

Oct 16 2008 6:54pm EDT

Adelson's Losing Streak

Back in March, when his company, Las Vegas Sands, was trading at over $80 a share, I reckoned that Sheldon Adelson's bubble was ripe for bursting. Today, it's bumping along at about $11. Is Adelson still the richest Jew in the world? According to Forbes, he's not even the richest Jew in America: that would be Mike Bloomberg, with a net worth of $20 billion.

Google co-founders Larry Page and Sergey Brin are worth more than Adelson, too. Adelson was worth just $11 billion on October 1, and that was with LVS trading at almost three times its present level; he's down in single digits at this point. I hope he's diversified: Las Vegas Sands has almost $11 billion in debt and less than $1 billion in cash; a large chunk of its assets are unbuilt casinos in Macau. If Adelson can't refinance when he needs to, LVS could go to zero.

. □

blog comments powered by Disqus
Real Business, Real Results
Out of the 'Family'

Did anyone at Microsoft ever watch the (gasp!) offensively funny show Family Guy?

Cruz Missile Lands

Ex-Morgan Stanley exec Zoe Cruz is now heading her own hedge fund. Are Wall Street's leaders done?

Scandal Chic

Martha, Bernie and Skilling know that what you wear for court can go a long way in public perception.

spotlight on

Health Care

Bad to the Bone No More

Companies such as General Mills say they're stepping up efforts to change employees' bad behavior and promote healthier lifestyles. Read More