(Freedom Watch's) Adelson Survives Like `Cockroach' After $30 Billion-Plus Loss

[Purveyor]

Nov. 12 (Bloomberg) -- No one climbed the list of American billionaires faster than Sheldon Adelson. And this year no one is falling any more quickly.

A year after calling critics of his expansion strategy for Las Vegas Sands Corp. wrong, Adelson on Nov. 10 was forced to slow or suspend new projects from Macau to Pennsylvania and invest $525 million of his family's money in the company to avoid bankruptcy. That's on top of $475 million he put up in September.

Even so, it's too early to count the 75-year-old entrepreneur out, long-time associates say.

``If the world came to an end, there would be cockroaches and Sheldon,'' said David Kaminer, 64, a former vice president at an Adelson operation that ran the Comdex computer trade show in Las Vegas. ``And Sheldon would immediately be smart enough to open a pest-control company.''

Adelson, 75, a former bagel salesman who said in 2006 he would end up richer than Bill Gates, now faces dissension within the ranks of his senior managers, according to a regulatory filing that disclosed the formation of a committee to ``resolve disagreements.'' As the credit crunch and economic decline squeeze gambling's growth, he risks the loss of some of his trophy properties, said John Staszak, an analyst with Argus Research Corp. in New York.

``He's bought time'' with the new capital infusion, said Staszak, who has a ``sell'' rating on the stock. ``The future is not good, quite frankly.'' Las Vegas Sands lost $32 million in the quarter ended Sept. 30.

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Bloomberg: http://www.bloomberg.com/apps/news?pid=20601109&sid=agMWnPFeQM3Q&refer=exclusive

[ELY08]

1. I'm mixed on this one

As much as I would like to see this asshole lose everything, there are a few hundred of my union brothers & sisters on that job in Pennsylvania...

[dixiegrrrrl]

2. That quote about Sheldon is quite intriguing...

`If the world came to an end, there would be cockroaches and Sheldon.
`And Sheldon would immediately be smart enough to open a pest-control company.''


Wow.

Just you and cockroaches, and you would kill the cockroaches, leaving just you.
and who would pay for the pest control, btw?

yeah, yeah, I know that is not the point of the remark.

Sorta Repub thinking tho.
They really do believe the *man* left standing with the most toys is the winner?

Even if they are the last man?