Sands Billionaire Miriam Adelson to Bankroll Trump Super PAC

Posted on: May 30, 2024, 04:13h. 

Last updated on: May 31, 2024, 09:18h.

Dr. Miriam Adelson, the largest owner of Las Vegas Sands (NYSE: LVS) stock, will reportedly contribute financing for Preserve America, a super political action committee (PAC) aiming to help former President Donald Trump reclaim the White House in November.

Dr. Miriam Adelson Sands Donald Trump
Dr. Miriam Adelson poses in Los Angeles after winning the Outstanding Achievement Award at the Israeli American Council’s marking of Israel’s 75th anniversary on May 5, 2023. She’s planning to make significant contributions to a Trump super PAC this year. (Image: Israel Hayom)

Preserve America was active during the 2020 presidential campaign and is being restructured to be a player in this year’s election, according to an unidentified source with knowledge of the matter cited by Politico. In 2020, Adelson and her late husband, Sheldon Adelson, contributed $90 million to Preserve America, accounting for 85 cents of every $1 raised by the PAC.

Sheldon Adelson was the founder, chairman, and chief executive officer of Sands, building that company into the world’s largest casino operator by market capitalization. He passed away on Jan. 12, 2021, due to complications from non-Hodkinson’s lymphoma.

It’s not clear how much Miriam Adelson will contribute to Preserve America this cycle, but she’s recently made some minor political donations — her first since the 2022 midterm elections — potentially signaling she’ll be spending more this year.

Adelson Support Essential to Trump Hopes

While the Trump campaign is coming off an impressive fundraising run in April, it still trails President Joe Biden’s reelection effort in terms of cash on hand. Biden has a war chest of $84 million compared to $49 million for Trump.

Closing that gap is critical for the former president’s hopes, meaning it’s essential for the Trump campaign to woo well-heeled donors such as Adelson. There are signs of success on that front. For example, Stephen Schwarzman, the billionaire founder, chairman, and chief executive of Blackstone Group (NYSE: BX), recently said he’ll back Trump as he did in 2016 and 2020.

Like Adelson, Blackstone has ties to the gaming industry through its Blackstone Real Estate Investment Trust (BREIT), which is the majority owner of the real estate of the Bellagio and Cosmopolitan on the Las Vegas Strip. The private equity giant has other gaming-related holdings as well.

While the Biden campaign has a clear fundraising advantage, Trump is proving adept at bringing billionaire donors into the fold, recently garnering the support of major backers from Silicon Valley and Wall Street.

Adelson, Trump Have Long History

Miriam Adelson owns 46% of Sands equity and, along with her son-in-law Patrick Dumont, is the majority owner of the NBA’s Dallas Mavericks. Dumont is the chief operating officer and president of Las Vegas Sands. Adelson’s net worth is estimated to be $33.3 billion.

Her history with Trump is lengthy with much of her support of the former president stemming from his backing of Israel and a decision to move the US embassy there to Jerusalem. He awarded Adelson the Presidential Medal of Freedom in 2018.

Other Trump donors with gaming ties include Phil Ruffin. The billionaire owner of Circus Circus and Treasure Island on the Las Vegas Strip has given more than $2.8 million to Trump-affiliated PACs this year. Ruffin and the Trump Organization also own the nongaming Trump Hotel off the Strip.