Gambling.co.uk: Gambling News Archive

Is Sheldon Adelson set to tie up with IDB Development?

Wednesday 7th January 2009

Chairman and chief executive of Las Vegas Sands, Sheldon Adelson, has today been forced to announce that he is not in talks with Israeli outfit IDB Development regarding a proposed $5 billion resort Casino in Las Vegas. The company already owns the New York Plaza Hotel and had planned to use the Plaza name on the casino project which would have given the new project a serious amount of publicity.

Adelson has confirmed that neither his company, Las Vegas Sands, on himself on a personal basis has received any form of contact from IDB Developments with regards to their joint-venture project. The experienced owner of Las Vegas Sands has seen just about everything in the casino and gambling industry and would make a perfect partner for anyone looking to set up a new venture in the Las Vegas area.

However, as we mentioned on one of our earlier post, Adelson has seen his personal wealth fall by billions of dollars during the current economic downturn, although he is still one of America's richest business people. Having brought Las Vegas Sands back from the brink of financial trouble there are hopes that the company can now stabilise, consolidate and move on.


Source: Gambling.co.uk News