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2012-11-10 18:07:03
2014-07-31 03:36:52

Sheldon Adelson Biggest Loser on Election Day

Author: Seth Shafer

Casino mogul Sheldon Adelson lost big on election day after gambling more than $54 million of his own money.

Adelson donated heavily to back Newt Gingrich in the Republican primary and then threw his support -- and many millions of dollars -- to Mitt Romney and two different superPACs supporting the Romney campaign.

Adelson also wasn't shy about spreading his money around to other Republican candidates.

He donated to the U.S. House campaigns of Rep. Allan West of Florida and New Jersey Rabbi Shmuley Boteach as well as for the Senate runs of Nevada's Deal Heller, Virginia's George Allen, Florida's Connie Mack, and Texas's David Dewhurst.

What did $54 million in donations get Adelson?

Just a single victory when Heller held off Shelley Berkley, who was formerly Adelson's corporate attorney and confidant before the relationship soured between the two.

Even that victory might ring hollow for Adelson, as Heller is currently working with Nevada Democratic Senator Harry Reid on a bipartisan bill to legalize online poker -- a move that Adelson strongly opposes.

Much of Adelson's generosity towards Republican candidates was fueled more by his own deeply conservative stance on many issues, despite heading up one of the world's largest gambling companies in Las Vegas Sands, which he owns a 49% stake in that makes him one of the world's richest men.

Adelson won't feel the monetary sting of the losses much; his estimated net worth of $20 billion means the $54 million spent on largely losing campaigns would be like a $100 loss at the blackjack tables for most of us.

For someone who had proudly vowed he'd do "whatever it takes" to bring down the Obama administration, the blow to his ego and pride is likely much larger than any pain he'll feel in his wallet.

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