Adelson tops list of wealthy Southern Nevadans

Sheldon Adelson remains the richest man in Las Vegas and ranks 20th among billionaires worldwide.

That’s according to Forbes’ latest annual list of billionaires, which featured other Southern Nevadans in the casino business, sports and the restaurant industry.

Forbes calculated Adelson’s net worth at $30.4 billion, a $1.4 billion decline from the value that placed him No. 14 on Forbes’ list of 400 richest Americans in 2016.

The 83-year-old CEO of Las Vegas Sands Corp., the largest casino company in America, has the highest net worth among rivals in the casino business.

The next-highest, Lui Che Woo of Macau casino-operator Galaxy Entertainment, is at at No. 109 with $12.1 billion.

Steve Wynn, the Las Vegas developer behind The Mirage, Treasure Island, Bellagio and Wynn Las Vegas, ranked No. 814 with $2.5 billion.

The 75-year-old opened Wynn Palace in Macau in August and broke ground that month on the $2.4 billion Wynn Boston Harbor. Despite those accomplishments, his net worth is the lowest showing on the list since 2013. He peaked on the 2014 list with $3.8 billion.

Wynn Resorts co-founder Elaine Wynn, the ex-wife of Steve Wynn, ranked No. 1,161 with $1.8 billion. Elaine Wynn, 74, saw a peak net worth in 2014 with $2.7 billion, according to Forbes.

Adelson and Wynn casino rival Phillip Ruffin tied Steve Wynn in rank and net worth. Ruffin, 82, co-owns Trump International in Las Vegas and doubled the value of Treasure Island after he bought it in 2009.

PROFITING FROM SALE

Brothers Lorenzo and Frank Fertitta III saw a boost in net worth from the sale of the Ultimate Fighting Championship. Lorenzo, 48, and Frank, 55, bought the mixed martial arts promoter in 2001 for $2 million and sold it for $4 billion in 2016.

They tied at No. 1,030 on the list with $2 billion in net worth. On last year’s list, Forbes reported their net worth at $1.4 billion. The brothers are also known for Red Rock Resorts.

The brothers were bested by their cousin Tilman Fertitta, who ranked No. 693 with $2.9 billion. The Texas-based billionaire owns Golden Nugget Casinos as well as restaurants Landry’s Seafood and Bubba Gump Shrimp Co. and has a show on CNBC.

Las Vegans and Panda Express owners Andrew and Peggy Cherng ranked No. 630 with $3.1 billion in net worth, a peak value since Forbes reported their net worth as $2 billion in 2013.

Henderson resident Nancy Walton Laurie, whose father founded Wal-Mart with her uncle Sam Walton, ranked No. 402 with $4.3 billion.

The 65-year-old’s cousin, Wal-Mart board member Rob Walton, ranked No. 15 with $34.1 billion. The company has a couple of projects under construction in the valley, including a new store in the southwest valley and a return center west of Nellis Air Force Base.

The richest man on the list? Microsoft founder Bill Gates, 61, with $86 billion, a high from when Forbes reported he had $79.2 billion in 2015.

The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson.

Contact Wade Tyler Millward at wmillward@reviewjournal.com or 702-383-4602. Follow @wademillward on Twitter.

ad-high_impact_4
Business
Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like