Casino Tycoon’s Wealth Shrinks By $12 Billion
The world health crisis has had a drastically varied financial impact, depending on which sector is being examined; online shopping or the casino industry. Online shopping, more specifically Amazon, has soared to new heights, resulting in Amazon’s stock value skyrocketing to record numbers. Amazon stocks have climbed a whopping 73% in this year alone and are likely to climb even higher before the end of 2020.
World famous owner of Amazon, Jeff Bezos, by extension has seen his net worth climb by as much as $12.9 billion. This puts the grand total of Bezos’s wealth at an eye watering $178 billion, which, of course, reaffirms him as the wealthiest individual on the planet. He has earned a new accolade, however, which is; the single biggest gain in net worth over the course of a single day, according to the Bloomberg Billionaire List.
The land-based casino industry on the other hand, has not been so lucky. Sheldon Adelson has experienced the almost exact opposite of Bezos, throwing into question the survival of many iconic casino venues.
Some Win, Some Don’t
Sheldon Adelson, well known CEO and chairman of the Las Vegas Sands has seen the opposite end of the scenario. H, coincidently has lost around $12.9 billion in assets, seeing one of the biggest falls ever recorded by the Bloomberg Billionaire List. He now sits at number 33 on the list, where previously he had been sitting at 17. Probably a severe blow to the ego of Mister Adelson, but more importantly, a serious warning sign for casino venues as a whole.
In January alone the Las Vegas Sands Group saw their stock prices plummet by almost 40%, going from $74.09 to $44.88. This in turn took Adelson’s net worth go from $40.8 billion to $27.9 billion, which is not just unusual, it is unprecedented.
A Closer Look
Looking more closely at Las Vegas Sands Group; the organisation is one of the biggest casino and hotel resort companies in the world, owning a string of luxury venues across the United States and Asia. Notably, the group was the first in 2002 to be awarded a license to operate in Macau, which saw the establishment of the highly acclaimed Sands Casino Macau venue.
Many assumed that the Las Vegas Sands Group was too big to fail, and this may be true to some extent. But it is almost certain that the group will struggle to recover from the losses, and may never fully recover at all. What this means for land based gambling operations remains to be seen, but it may well be the dawning of a new era.