Billionaire Backer Of Right-Wing Causes Is Down On His LuckThe casino company Las Vegas Sands, which is owned by right-wing billionaire Sheldon Adelson, has said it may default on debt and face bankruptcy, reports Bloomberg. In trading today, stocks in the company plunged.
The news wire adds:
Today’s admission comes after Adelson, who holds a stake of more than 64 percent, invested an additional $475 million in September to avoid violating the terms of a loan, and hired an unidentified investment bank to raise more capital with his help.
But as recently as July, Adelson, who is said to still have considerable resources, had assured reporters on a conference call the company will not have liquidity problems.”
Adelson, a Bush pioneer, last year worked with ex-Bush-administration officials to found the group Freedom’s Watch, which advocates an open-ended commitment to the war in Iraq. As The New Yorker recently reported, he’s fiercely opposed to a two-state solution to the Israeli-Palestinian issue, and is a close ally of hawkish Israeli politician and ex-PM Benjamin Netanyahu. He has been a major contributor to AIPAC, and over the years has funded numerous congressional trips to Israel.
And in May, the Boston Globe reported (via Nexis) that Adelson has “waged some bitter anti-union battles in Las Vegas.”