Billionaire Miriam Adelson to Finance Trump's Support Committee
Miriam Adelson, top owner of Las Vegas Sands stock, is planning to donate funds to Preserve America, a political action committee (PAC) aimed at helping former President Donald Trump win back the White House in November.
Preserve America was previously active during the 2020 presidential campaign, and is now being reformed to be a force in 2024's elections, according to a confidential source familiar with the matter, quoted by Politico. In 2020, Adelson and her late husband Sheldon Adelson donated $90 million to Preserve America, making up more than 85% of the PAC's income.
Sheldon Adelson was the founder, chairman, and CEO of Sands, turning the company into the world's largest casino operator by market value. He passed away on January 12, 2021 because of complications from non-Hodgkin's lymphoma.
The precise amount that Miriam Adelson plans to contribute to Preserve America this cycle remains uncertain, but her recent minor political donations might indicate she will spend more this year.
Adelson's Contributions Crucial to Trump's Re-election Hopes
Although the Trump campaign raised a notable amount of money in April, it still lags behind President Joe Biden's war chest. Biden has $84 million in cash reserves, while the former president has $49 million.
It's important for Trump to bridge this financial gap if he has any hopes of winning the election. Securing the support of wealthy contributors, such as Adelson, is crucial for his campaign. There are signs of success in this area. For instance, Stephen Schwarzman, billionaire founder, chairman, and CEO of Blackstone Group, recently declared his intention to back Trump again, as he did in 2016 and 2020.
Similar to Adelson, Blackstone has connections to the gaming business through its Blackstone Real Estate Investment Trust (BREIT) which owns the real estate of the Bellagio and Cosmopolitan on the Las Vegas Strip. The private equity titan also holds other gaming-related assets.
Although Biden has a clear advantage in fundraising, Trump is proving capable of attracting big-money supporters. Recently, he has won support from major tech and Wall Street figures.
Adelson's Longtime Alliance with Trump
Miriam Adelson holds 46% of Sands' stock, and along with her son-in-law Patrick Dumont, is the majority owner of the NBA's Dallas Mavericks. Dumont is also the COO and president of Las Vegas Sands. Adelson's net worth is estimated at $33.3 billion.
Her relationship with Trump is deep, with most of her political support for the former president rooted in his pro-Israel stance and decision to move the US embassy to Jerusalem. He bestowed the presidential medal of freedom upon her in 2018.
Other Trump supporters in the gaming sector include Phil Ruffin. The billionaire owner of Circus Circus and Treasure Island on the Las Vegas Strip has contributed over $2.8 million to Trump-associated PACs this year. Ruffin and the Trump Organization also share possession of the Trump Hotel on the Strip, a non-gaming property.
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