Published on: October 5, 2024, 09:52h.
Last updated on: October 5, 2024, 09:54h.
Dr. Miriam Adelson, the majority shareholder of Las Vegas Sands, played a key role in organizing the 2024 Republican Convention in Milwaukee.
Adelson, 78, has witnessed a recent increase in her wealth due to the surge in Sands’ stock following China’s decision to distribute one-time cash payments to stimulate its struggling economy. This development led to an increase in Adelson’s net worth by $236 million in a single day, pushing her total fortune to over $35 billion.
The rise in LVS stock value will provide Adelson with sufficient funds to cover her expenses during the 2024 election cycle. Newly released campaign finance reports indicate that Adelson contributed to funding the July Republican National Convention where Donald Trump accepted the party’s presidential nomination for a third term.
Federal Election Commission records show that Adelson donated $3 million towards the event. She made two separate contributions, one for $1 million and another for $2 million two weeks later, to the 170 Freedom Milwaukee 2024 Host Committee, Inc.
With just a month left before the Nov. 5 election, Trump and Vice President Kamala Harris are neck and neck in the polls and betting odds, signaling a close race for the 47th presidency of the United States.
Contributors to the Convention
170 Freedom Milwaukee received contributions from several other gaming industry entities for hosting the 2024 Republican Convention.
DraftKings and FanDuel each donated $500K. Both companies operate daily fantasy sports in Wisconsin, with DraftKings also operating a retail sportsbook at the Lake of the Torches Casino, a property owned by the Lac Du Flambeau Band Of Lake Superior Chippewa Indians.
Hard Rock International, in partnership with the Ho-Chunk Nation on a casino project in Kenosha, contributed $250K to 170 Freedom Milwaukee. Blackstone, a private equity giant with stakes in Las Vegas properties like Bellagio, The Cosmopolitan, Aria, and Vdara, donated $750K.
Many influential figures in the gaming industry tend to support the Republican Party. Apart from Adelson and Blackstone’s founder Stephen Schwarzman, other notable casino tycoons who are staunch Republican supporters include Lorenzo and Frank Fertitta, Steve Wynn, Tilman Fertitta, and Phil Ruffin.
The Democrats raised more funds for their August convention in Chicago compared to the Republicans. Billionaire Neil Bluhm, a Chicago native who founded Rush Street Gaming and the Rivers casino brand, contributed $371,700 to the Democratic convention.
Support for Team Trump and Team Harris
Aside from her contributions to the convention, Adelson donated $5 million to Preserve America, the super PAC dedicated to re-electing Trump. She also gave $844,600 to the Trump 47 Committee.
Adelson is expected to be Trump’s top donor once again, with other casino magnates also making significant donations to support the Republican efforts.
In April, Tilman Fertitta and Ruffin each contributed $814,600 to the Trump 47 Committee, while Wynn donated $806,300. Ruffin also gave $2 million to the Make America Great PAC.
For Harris, Bluhm donated $929,600 to the Democrat’s campaign. MGM Resorts CEO Bill Hornbuckle and his wife Wendy provided around $20,000 to the Harris campaign.