Billionaires list published by Forbes
Sheldon Adelson, the founder and chairman of Las Vegas Sands, remains the richest casino billionaire in the world. According to the latest edition of Forbes’ annual “World’s Billionaires List,” Adelson boasts a net worth of $26.8bn. This makes him the 28th richest billionaire on the list.
Just a few months ago, Adelson was worth closer to $40bn. However, his net worth has taken a hit with Las Vegas Sands shares tumbling due to the coronavirus pandemic. Most major casino stocks have seen their share prices plummet in recent months, not just Las Vegas Sands.
his net worth has taken a hit with Las Vegas Sands shares tumbling due to the coronavirus pandemic
The 86-year-old still owns over half of the company. Notable Las Vegas Sands properties include the Palazzo and Venetian in Las Vegas, and the company is also a major player in Macau.
Other casino tycoons on the list
Forbes’ latest “World’s Billionaires List” features a total of 22 billionaires who are involved in the casino sector.
The founder of Galaxy Entertainment, Lui Che Woo, is the next highest-ranked casino tycoon on the list. The 91-year-old has amassed an estimated net worth of $11.7bn. Johann Graf, the Austrian founder of Novomatic, is next on the billionaires list with a net worth of $6.5bn.
The only other casino billionaires on the list from the United States are Steven Wynn and his former wife Elaine Wynn.
Fortunes being affected by COVID-19
As a result of the ongoing coronavirus pandemic, billionaires are seeing vast portions of their net worth being decimated. When the Forbes list was made final on March 18, a total of 2,095 billionaires were listed. This was 226 less than just 12 days prior.
Of those on the list, 51% have lower net worths now than last year. The total net worth for these billionaires is $8 trillion, a year-on-year decrease of $700bn.
For casino owners, the future still looks uncertain as closures in the United States and Europe are set to continue indefinitely. This has led to hundreds of thousands of workers being furloughed, with permanent closures expected as some companies go bankrupt. While casinos in Macau have reopened tentatively, their revenues have taken a massive hit.