Adelson invests $475 million in Sands
Shares of Las Vegas Sands have lost more than half of their value during this tumultuous year, putting them at risk of breaking their loan agreements. Its chairman and majority shareholder, Sheldon Adelson, privately purchased the convertible senior bonds using personal and family funds. The private deal guaranteed more favorable terms than is possible in the public credit market given the current credit crunch. The decline in the company's stock has severely depressed Adelson's personal net worth, at least temporarily. A year ago, he was chosen as the world's third richest person by Forbes magazine. Now he is down to No. 15 on Forbes' list. Adelson has always insisted that Las Vegas Sands will continue with its grand expansion plans and that "our strategy is still alive." There are three projects in progress: $12 billion for Macau, $4 billion for Singapore, and $800 million for Bethlehem in Pennsylvania.