Sheldon Adelson to Spend $50M on President Donald Trump Reelection Effort
Posted on: September 17, 2020, 02:09h.
Last updated on: September 18, 2020, 07:10h.
Las Vegas Sands billionaire Sheldon Adelson is prepared to donate up to $50 million to help his former casino colleague turned politician Donald Trump win reelection.
Adelson, 87, has an estimated net worth of $31.7 billion. He’s been the Republican Party’s largest contributor in each of the last two election cycles, and while he and wife, Dr. Miriam Adelson, have kept their fortune close to their chests during much of the 2020 election run, that will soon change.
Casino.org reported last month that Adelson will fund the President’s reelection push over the final two months. CNBC reported this week that sources close to the casino tycoon say he has set aside $20 million to $50 million to help Trump keep occupancy of the White House.
After some rumored feuding between Trump and Adelson in early August, Adelson’s right-hand man, Andy Abboud, told a group of Republican donors that Nevada’s richest family is “110 percent behind the president.”
“That’s going to become apparent shortly,” Abboud was quoted as saying. The Federal Election Commission (FEC) shows that the Adelsons’ most recent donations were in July and went to the National Republican Senatorial Committee (NRSC). Those contributions totaled just shy of $500,000.
In June, the Adelsons gave $25 million to the Senate Leadership Fund.
Sheldon Adelson is expected to give his next multimillion-dollar contribution to Preserve America, a super political action committee (PAC) that is working to reelect Donald Trump to another four years.
Preserve America has raised $28.4 million this year. The PAC is being steered by GOP strategist Chris LaCivita, who is best known for being the mastermind behind the Swift Boat Veterans for Truth, the campaign that upended John Kerry’s presidential bid in 2004.
Along with Adelson, billionaire Home Depot co-founder Bernie Marcus is opening his deep pockets to fund Preserve America.
The 2020 presidential election will be the most expensive in US history. Billions will have been spent by the time November 3 comes and goes. OpenSecrets, the Center for Responsive Politics that tracks campaign fundraising, says more than $2.8 billion has already been raised by 2020 presidential candidates.
Former Democratic candidate Mike Bloomberg, who dumped more than $1 billion on his own unsuccessful 2020 bid, is spending another $100 million on pro-Joe Biden ads in Florida over the final two months.
Biden remains the betting favorite on PredictIt, his shares of winning trading at 59 cents to Trump’s at 44 cents.
UK bookmakers have it closer. Biden’s odds are at 5/6 (implied chance of 54.5 percent). Trump is at even money.
The polling average on Real Clear Politics has Biden with a 5.8-point advantage in the general election. However, that’s down from 7.5 points last week.
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