Affluent Financier Stephen Schwarzman, from Blackstone, Backs Trump for 2024 Election
Stephen Schwarzman, one of the wealthiest private equity moguls and founder of Blackstone Group, plans to support former President Donald Trump in the upcoming 2024 US presidential election. As a long-time Republican supporter, Schwarzman backed Trump during his previous two election campaigns. However, he recently expressed disappointment with Trump's reluctance to concede his defeat to President Joe Biden in 2020 and expressed the need for new Republican leaders following the Capitol protest on January 6th.
Schwarzman, whose net worth is estimated to be over $38 billion, believes Biden's inadequate leadership and Trump's potential victory in the 2024 Republican primaries are the reasons for his decision to back Trump in the next election. "I share the concern of most Americans that our economic, immigration, and foreign policies are taking us in the wrong direction," Schwarzman said in a statement to Axios. "Therefore, I am preparing to vote for change and support Donald Trump for president."
The backing of such a prominent figure is a significant boost for Trump in his quest for the presidency again, especially considering the Koch network and Dr. Miriam Adelson's absence in the 2024 presidential general election so far. As of April, the Biden campaign holds $84.5 million in cash compared to Trump's $48 million.
The Koch network, owned by billionaires Charles and David Koch, has long been opposing Trump. Their real estate investment arm has been managing the Fontainebleau Las Vegas since acquiring it in 2018. Dr. Adelson, who inherited Las Vegas Sands from her late husband, Sheldon, has been a substantial donor to Trump in the past, investing over $200 million in his 2016 and 2020 campaigns. However, her enthusiasm has waned since her husband's passing in January 2021.
Schwarzman's relationship with the gambling sector is well-documented, being the owner of Crown Resorts, Australia's largest casino company, and holding ownership positions for properties like the Bellagio, The Cosmopolitan, Aria, and Vdara on the Las Vegas Strip after striking leaseback deals with MGM Resorts International. Blackstone previously owned MGM Grand and Mandalay Bay.
Meanwhile, casino billionaire Steve Wynn has also thrown his weight behind Trump. Wynn assisted in the organization of a fundraiser in early April with John Paulson, a billionaire hedge fund manager who recently held a $50 million event for Trump's 2024 campaign in Palm Beach. Other casino industry billionaires who might support Trump include Frank Fertitta III and Lorenzo Fertitta of Station Casinos/Red Rock Resorts, Michael Gaughan (owner of Southpoint), Tilman Fertitta (owner of the Golden Nugget), and Phil Ruffin (owner of Treasure Island and Circus Circus).
Trump remains a strong contender for the 2024 presidency, with bookmakers giving him a roughly 58% chance of emerging victorious.
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Source: www.casino.org
