Sheldon Adelson and His Newspaper to Be Honored by Tel Aviv's Stock Exchange, Despite Lack of Local Ties

American billionaire Adelson owns casinos and hotels around the world but has none in Israel, and has no holdings on the Tel Aviv Stock Exchange

Sheldon Adelson at the Las Vegas Sands Casino in Macau.
Bloomberg

U.S. casino magnate Sheldon Adelson has no direct links to Israel’s capital market, and his name has been coming up in connection with the corruption investigations plaguing Prime Minister Benjamin Netanyahu. But Adelson and his free daily Israel Hayom will receive a rare honor at the Tel Aviv Stock Exchange next Wednesday: The tycoon will open the trading day to mark the newspaper’s 10th anniversary.

The Boston-born Adelson owns casinos and hotels around the world but has none in Israel, and he has no holdings on the Israeli stock exchange. In Israel, Adelson donates to hospitals and universities, in addition to his ownership of Israel Hayom, the country’s largest-circulation newspaper.

Netanyahu recently released his phone records under court order, and Channel 10’s Raviv Drucker found that the prime minister may have had undue influence on the paper’s articles.

TASE ceremonies, which include pressing the button to open trade, are usually reserved for companies traded on the exchange. The events normally celebrate firms joining the market after initial public offerings, or companies moving up to one of the main indexes.

Companies recently granted the honor include Minrav Projects, More Investment House and Brenmiller Energy, all of which carried out IPOs. Other companies were recently honored for joining the TA-90 Index.

The TASE carries out similar honors for newspapers that cover the market and offer financial services. Last year, TheMarker was honored after it launched a financial website, and a few years ago, Calcalist marked its fifth anniversary at the TASE’s opening ceremony.

But Israel Hayom does not include financial news. TASE Chief Executive Itai Ben-Zeev and Chairman Amnon Neubach said the honor for Israel Hayom was initiated by the TASE itself, not by anyone in politics.

In a statement, the TASE noted that it sometimes holds ceremonies at the opening of trade as do other exchanges around the world.

“Ceremonies are held to honor new companies joining the exchange, and significant events for companies and other bodies, including media outlets,” it said. “Israel Hayom is marking 10 years, and the TASE will mark that with a ceremony with Mr. Sheldon Adelson, his wife and the newspaper’s editors, as was done in ceremonies with other media outlets including TheMarker.”

The honor has also been granted to former New York City Mayor Rudy Giuliani and the mayor of London, the exchange noted.