Sheldon Adelson is a self-made American business mogul who has influenced many with his amazing work as a philanthropist and an entrepreneur. Considered to be one of the most successful casino owners in the world, his net worth is estimated to be around $40 billion. He is the founder and CEO of several high-end operations around the world. These businesses range from the Los Angeles Sands Corporation, Marina Bay Sands of Singapore, Las Vegas Review Journal, Israeli newspaper Israel Hayom and several others. To date, he is counted among the richest businessmen of the world by Forbes. His rise from an immigrant cab driver’s son to being one of the richest business magnates around the world is a story in entrepreneurship that has influenced many.
Early Life
A child of Great Depression, Sheldon Adelson was born on 4th August 1933 to a low-income immigrant family in Dorchester. His father, Arthur Adelson, was a cab driver, and his mother, Sarah Adelson had a knitting shop. Sheldon started his career at the early age of 12 when he borrowed some money from his uncle to get a newspaper selling license. He worked several odd jobs as a mortgage broker, financial consultant, and investment advisor in the coming years. He joined the New York City college but later dropped out to pursue his dream of being an entrepreneur. What followed is an inspiring tale of the successful journey of a business-minded and strong willed person.
Starting Career
Sheldon Adelson showed his entrepreneurial side early in life. At the age of 16 when most people are still unsure as to what they want to do in life, Adelson had his own business. It was a small company of candy vending machines. Later he worked in the fields of finance, banking, real estate, and tourism sectors. You can say that though he had a businessman’s spirit and soul, he had to work hard as an employee first. This helped him to understand the nuances and investments of his chosen field. All in all, it was not a smooth ride.
Adelson’s financial career did not take off on a very successful note when several of his business ventures failed. The declining stock market also added to his woes. Later, he entered the real estate arena and became successful by building condominiums from apartment buildings. However, this venture too failed after some time. The steep ups and downs experienced by Sheldon could have deterred any person but he pursued his dream of achieving success relentlessly by searching for new avenues for himself. He did not know how and when to quit.
Ride to Success
Adelson first tasted success in 1972 when he acquired a small publishing house and entered the media business. It was while attending a trade show on condominium conversion that he had a vision of using trade shows as ‘living magazines’. He visualized the increasing need for trade shows in the computer industry. This became his big break. He sold his condo business and founded Interface Group in 1972. Later he staged his adventure by the name of COMDEX or Computer Dealers Exhibition. This show went on for many years and became the top computer trade show in the world. It expanded to several other cities and became a huge success.
The year 1988 also saw Adelson investing in his first casino. He purchased the aging Sands Casino at a steal. Later the place was demolished and in its place, Venetian Casino was built. This was just the start of his casino business which later on became one of the largest integrated casino chains in the world. It was in 1995 when Adelson became one of the only two American people to receive the Chinese license for a casino empire in Macau. In 2010, he opened a massive billion-dollar casino complex in Singapore of which the impressive Sky Lounge is also a part.
Adelson’s Philanthropy
During the start of the 2000s, Adelson showcased his philanthropic side by giving millions of dollars to several charitable organizations. He is a devout supporter of many Jewish and Israeli causes. His funding contributions showcased his concern towards cultural, religious, medical, and educational research projects. He has also contributed towards ‘Birthright Israel’, Holocaust Martyrs, and several other trusts and charities.
Sheldon Adelson’s rollercoaster ride to success can be aptly termed as a rag to riches story. Despite losing multimillion-dollar businesses twice in his life, he did not give up. His ideas failed, but he kept himself open for better avenues. This was a huge thing for a college dropout who had to borrow a sum of $200 for his first entrepreneurial venture. He jumped around several odd jobs in his middle age and went bankrupt a number of times. Adversity was a constant in Sheldon Adelson’s life, yet he always won.
His out of the box thinking and forward mentality kept him ahead in the game and led him to his enormous success. He has been often awarded for his works and contribution to society. He, in his own words, looks at every business and asks, “How long will it last and how can he as a business person, change the status quo of it?” This thinking and will to establish himself as a person of reckoning is what made him an inspiration to all the entrepreneurs today.