World's richest Jew loses billions in wake of global financial crisis
Stocks in Sheldon Adelson's LVS casino resort company post losses approaching 80% in October.
U.S. Jewish billionaire Sheldon Adelson lost an approximated $10 billion in October, after shares in his Las Vegas Sands (LVS) corporation fell by 80% since the beginning of the month, according to an assessment made by "Forbes" magazine.
Shares in LVS, a casino resort company, made their most recent drop following an announcement by the company that they had sought the help in raising funds from an unnamed investment bank. Many analysts have surmised that the declines in LVS stock can be linked to a general decline in the gaming and resort business in the wake of the United States financial crisis.
Edelson, who owns 70% of the shares of LVS, is also the owner of the free Israeli daily "Israel Hayom", and a prominent supporter of Likud Chief Benjamin Netanyahu as well as a number of Israeli charities.
LVS sources have denied recent reports in the Chinese press that financial difficulties have delayed the expansion of construction projects currently underway in Macau, China.