Posted on: October 16, 2024, 04:16h.
Last updated on: October 16, 2024, 04:16h.
During the third quarter, Dr. Miriam Adelson made a significant donation of $95 million to a super PAC focusing on supporting former President Donald Trump’s 2024 campaign.
A recent filing with the Federal Election Commission (FEC) reveals that Adelson, the widow of Las Vegas Sands (NYSE: LVS) chairman and CEO Sheldon Adelson, donated $95 million to the Preserve America PAC in the third quarter.
Following her funding of the Republican Convention in Milwaukee in July, Adelson made donations of $25 million to Preserve America later that month, as detailed in the FEC document. She proceeded with another $25 million donation on Aug. 13, followed by a donation of $25 million on Sept. 9 and $20 million eight days later.
These contributions brought Adelson’s total contributions to Preserve America for the year to $100 million. She accounted for the majority of the PAC’s third-quarter donations, with plans to allocate nearly $115 million toward television advertisements supporting Trump’s 2024 campaign.
Adelson’s Support in Light of Shortening Odds for Trump
Recently, the Las Vegas Review-Journal publicly endorsed Trump. Owned by the Adelson family since 2015, this endorsement aligns with news of Adelson’s substantial financial support to Preserve America, coinciding with betting markets increasingly favoring Trump’s chances of winning the upcoming election.
Current odds on Polymarket, a prominent political betting platform, suggest Trump has a 58.7% chance of winning compared to 41% for Democrat nominee Vice President Kamala Harris.
While these odds are the most favorable for Trump since July, other prediction markets also show preference for Trump. However, national polling indicates Harris holds a modest lead over her opponent.
Contracts on Polymarket are traded via the Polygon cryptocurrency, based on the Ethereum blockchain, with shares priced from $0 to $1 indicating the likelihood of an event occurring.
Adelson Continues Dedication to Backing Trump
Adelson, the largest individual shareholder in Sands and majority owner of the NBA’s Dallas Mavericks, remains committed to supporting Trump’s reelection bid. Promising earlier this year to be a significant contributor to Preserve America, Adelson has fulfilled that commitment, following a history of supporting Trump financially, including previous donations to the PAC amounting to $90 million in 2020.
Adelson’s support for Trump stems from his pro-Israel stance and decisions regarding the US embassy in Jerusalem, leading to her being awarded the Presidential Medal of Freedom by Trump in 2018.