Posted on 12/17/2009 9:13:22 PM PST by bruinbirdman
Sheldon Adelson on his casino company's plans for Macau, Singapore--and, perhaps, Europe.
In 2007 Sheldon Adelson was America's third richest man. Before the collapse of the markets last year, shares of his Las Vegas Sands casino company traded at more than $140 a share, maxing out his personal fortune at nearly $40 billion.
These days he's worth a mere $9 billion, 26th on the most recent Forbes list of the 400 richest Americans. "The Forbes 400 is a report card for the wealthy, and seeing it this year hurt," he says. "I got a bad report card."
Now he's vowing to scrap his way back into the ranks of the 10 wealthiest people in the U.S., and he says he's got big plans to push his company back into the gambling stratosphere.
Adelson sat down with Forbes on Wednesday in his office at the Venetian resort on the Las Vegas Strip to discuss the opening of his $5.5 billion casino complex in Singapore, completing his massive master plan in Macau, China and where in the world his next gambling project might be.
What is the state of the casino industry right now?
In the group sales market, which is what we are primarily focused on, we are out of the woods. My sales guys tell me we will be 60-70% recovered in 2010, and be back completely by 2011. The business is coming back. Our primary groups are pharmaceutical groups and high-tech companies and conventions, and those will be back. They are booking now. We even have a financial firm that is coming. They paid back their TARP money and have decided it's safe to come to Las Vegas again.
What do you think of MGM Mirage's (MGM) CityCenter?
I haven't seen it yet. But even
(Excerpt) Read more at forbes.com ...
“The Forbes 400 is a report card for the wealthy, and seeing it this year hurt,” he says. “I got a bad report card.”
That’s Funny!
you have to love a guy who can loose $31 Billion (on paper) and joke about it.
Shoulda woulda coulda (sold at the top.) Goes for all of us.
yitbos
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.