Let’s
try to go through the life & Business history of some of the persons who
changed the Real Estate, created a name for themselves and took the Real Estate
to the heights where it is today.
1.
Donald Trump
Business Leader, Reality Tycoon, Next USA
President, Television Star
Companies:
- Chairman &
President of Trump Organization;
- Chairman of
Trump Plaza, LLC;
- Chairman Of
Trump Atlantic City Associates
Net Worth: USD 7 Bn.
He got elected as President of USA as Republican
Party nominee. Donald Trump is a billionaire Real Estate mogul and television
personality.
His Famous Quote:
“Going through tough times is a
wonderful thing, and everybody should try it. Once.”
Real Estate
developer Donald John Trump was born June 14, 1946, in Queens, New York. In
1971 he became involved in large, profitable building projects in Manhattan. In
1980, he opened the Grand Hyatt, which made him the city's best known and most
controversial developer. In 2004 Trump began starring in the hit NBC reality
series The Apprentice, which also became an offshoot for The
Celebrity Apprentice. In 2015 Trump announced his candidacy for president of
the United States and shortly after the first Republican debate became the
party's front-runner & got elected as next President of States.
Early Life and Education
Donald John
Trump was born on June 14, 1946, in Queens, New York, the fourth of five
children of Frederick C. and Mary MacLeod Trump. Frederick Trump was a Builder
and Real Estate developer who came to specialize in constructing and operating
middle-income apartments in Queens, Staten Island and Brooklyn. Donald was an
energetic, assertive child, and his parents sent him to the New York Military
Academy at age 13, hoping the discipline of the school would channel his energy
in a positive manner.
Trump did well at the academy,
both socially and academically, rising to become a star athlete and student
leader by the time he graduated in 1964. He then entered Fordham University and
two years later transferred to the Wharton School of Finance at the University
of Pennsylvania, from which he graduated in 1968 with a degree in economics.
Business
Career
Trump began his career at his father's real estate
company, Elizabeth Trump and Son, which focused on middle-class
rental housing in the New York City, boroughs of Brooklyn, Queens,
and Staten Islands. One of Trump's first projects, while he was still in
college, was the revitalization of the foreclosed Swifton Village apartment
complex in Cincinnati, Ohio, which
his father had purchased for $5.7 million in 1962.
Trumps became involved in the project and with a
$500,000 investment, turned the 1,200-unit complex's occupancy rate from 34% to
100%. In 1972, the Trump Organization sold Swifton Village for
$6.75 million.
In
1971, Trump moved to Manhattan and became involved in larger building projects
and used attractive architectural design to win public recognition. Trump
initially came to public attention in 1973, when he was accused by the Justice Department of violations of the Fair Housing Act in
the operation of 39 buildings.
Trump
in turn accused the Justice Department of targeting his company because it was
a large one, and to force it to rent to welfare recipients. Trump settled the charges in 1975, saying he was
satisfied that the agreement did not "compel the Trump organization to
accept persons on welfare as tenants unless as qualified as any other
tenant."
Trump
made plans to acquire and develop the old Penn Central for $60 million
with no money down. Later, with the help of 40-year tax abatement from the
New York City government, he turned the bankrupt Commodore Hotel into
the Grand Hyatt and created The Trump Organization.
New
York City had a plan to build the Javits Convention Center on
property for which Trump held a right-to-buy option. Trump estimated his company could have completed
the project for $110 million but the city rejected his offer and
Trump received a broker's fee on the sale of the property instead.
Repairs
on The Wollman Rink in Central Park(built in 1955) were started in 1980 with an
expected 2½-year construction schedule but were nowhere near completion by
1986. Trump took over the management of the project, at no cost to the city,
and completed it in three months for $1.95 million, which was $750,000
less than the initial budget.
In
1988, Trump acquired the Taj Mahal Casino in a transaction with Merv Griffin and Resort International which led to mounting debt, and by 1989,
Trump was unable to meet loan payments. Although he shored up his businesses
with additional loans and postponed interest payments, by 1991, increasing debt
brought Trump to business bankruptcy.
Banks
and bond holders
had lost hundreds of millions of dollars, but opted to restructure the debt.
The Taj Mahal Casino emerged from bankruptcy on October 5, 1991, with Trump conceding
50 percent ownership in the casino to the original bondholders in exchange
for lowered interest rates on the debt and more time to pay it off.
He
also sold his financially challenged Trump Shuttle Airline and his
282-foot mega yatch, the Trump Princess. The late 1990s saw a
resurgence in Trump's financial situation. The will of Trump's father, who died
in 1999, divided an estate estimated at $250–$300 million equally among his
four surviving children.
In
2001, Donald Trump completed Trump World Tower a 72-story
residential tower across from the UN Headquarters. Also, he began construction on Trump
Palace, a multi-building development along Hudson River.
Trump
owns commercial space in Trump International Hotel & Tower, a 44-story
mixed-use (hotel and Condominium) tower on Columbus
Circle. Trump owns several million square feet of prime Manhattan real estate.
Without
personal capital investment, Trump has licensed his name and image for the
development of many real estate projects, including Trump International
Hotel & Towers in- Honolulu, Chicago & Toronto and Trump Tower- Tampa. At
least two Trump-branded real estate projects have gone into foreclosure.
In
2015, Forbes estimated his net worth at $4
billion. In June 2015, Business Insider published a June 30, 2014,
financial statement supplied by Trump. The statement reflects his net worth as
$8.7 billion. Of that amount, $3.3 billion is represented by "Real Estate
Licensing Deals, Brand and Branded Developments", described
by Business Insider as "basically [implying] that Trump values
his character at $3.3 billion."
In
July 2015, the Federal election regulators released new details of his wealth
and financial holdings when he became a Republican presidential candidate.
Business
ventures and investments
The Trump Organization owns, operates, develops and invests in real
estate around the world such as Trump International Hotel & Tower in Chicago.
Trump branding and licensing
Beyond
his traditional ventures in the real estate, hospitality, and entertainment
industries, Trump has established the Trump name and brand in other industries
and products.
With
mixed success, Trump has marketed his name on a large number of products,
including Trump Mortgage(2006–2007), Trump
Sales and Leasing (residential sales), Trump Restaurants (located in Trump
Tower and consisting of Trump Buffet, Trump Catering, Trump Ice Cream Parlor,
and Trump Bar), Go Trump (a 2006–2007 online travel website), Donald J.
Trump Signature Collection (a line of menswear, men's accessories, and
watches), Donald J. Trump: The Fragrance (2004), Trump Magazine (2007–2009), Trump
Golf, Trump Chocolate, Trump home (home furnishings), Trump Productions (a
television production company), etc. to name some.
Many
developers pay Trump to market their properties and to be the public face for
their projects. For that reason, Trump does not own many of the buildings that
display his name.
According
to Forbes, this portion of Trump's empire, actually run by his children,
is by far his most valuable, having a $562 million valuation. According
to Forbes, there are 33 licensing projects under development including
seven "condo hotels" (the seven Trump International Hotel and Tower
developments).
Stock market investments
According to a 2015 campaign claim, Trump made a
rare foray into the stock market in 2011 after facing poor returns on bank deposits and
being disappointed with the depressed American real estate market.
Trump stated that he wasn't enthusiastic to be a
stock market investor, but that prime real estate at good prices was hard to
find. Trump said
he earned a $27 million profit, with 40 of the 45 stocks purchased generating a
profit.
Ups and Downs of Business
Expanding his
empire to the south, around this time Trump developed a condominium project in
West Palm Beach, Florida, and in 1989 he branched out to purchase the Eastern
Air Lines Shuttle for $365 million, which he later renamed the Trump Shuttle.
In January 1990, Trump flew to Los Angeles to unveil a plan to build a $1
billion commercial and residential project featuring a 125-story office
building.
It was in 1990, however, that the
real estate market declined, reducing the value of and income from Trump's
empire; his own net worth plummeted from an estimated $1.7 billion to $500
million.
The Trump Organization required a
massive infusion of loans to keep it from collapsing, a situation which raised
questions as to whether the corporation could survive bankruptcy. Some
observers saw Trump's decline as symbolic of many of the business, economic and
social excesses that had arisen in the 1980s.But Donald Trump climbed back from
nearly $900 million in the red to a reported worth of close to $2 billion by
1997.
2.Mohamed Alabbar,Chairman : Emaar Group
Mohamed Alabbar
is the founder and chairman of Emaar Properties, one of the largest real
estate development companies in the Middle East and known for developing
the Burj Khalifa, the world's tallest building. He is also former
director general of the Dubai Department of Economical Development.
Alabbar
is a Board Member of Abu Dhabi-based Eagle Hills, and he also acts as a
top adviser to Sheikh Mohammed Bin Rahid Al Maktoum, the leader of Dubai.
Early
life and education
Mohamed Alabbar was born in Dubai and is the eldest
of 12 children. Alabbar's father was a captain of a traditional trading
vessel known as a dhow and raised his children in the Rashidiya area
of Dubai. In the 1970s, Alabbar received a government
scholarship to study finance and business administration from The Albers School
of Business and Economics at Seattle University.
Alabbar graduated from Seattle University in 1981
with a degree in business administration. He also received an honorary
doctoral degree in humanities from his alma mater in 2007 and serves on its
Board of Trustees.
Career
After college, Alabbar's first job was with the
Central Bank of the United Arab Emirates as a banking manager. Later, Alabbar
relocated to Singapore and began working for the Dubai government as
the director of Al Khaleej Investments, a government-owned company in Dubai
with significant real estate interests in Singapore.
Political career
In 1992, Alabbar returned to Dubai and began
working for the government as the founding director general of the Department
of Economic Development (DED). Alabbar's career led him to establish a
close relationship with Sheikh Mohammed Bin Rahid Al Maktoum , the Ruler
of Dubai, and he later became one of Sheikh Mohammed's chief economic advisers.
Alabbar worked with Sheikh Mohammed bin Rashid Al
Maktoum to drive the development and growth of both Dubai's tourism industry
and global reputation. In 1996, Alabbar initiated and organized the Dubai Shopping Festival which attracted over two million visitors for
an entertainment and shopping event highlighted by street bazaars, fashion
shows, food festivals, folklore and more. That same year, Alabbar was
selected by Advertisisng Age as
one of their International Marketing Superstars of the year.
Business career
Alabbar has served as a member of the Dubai
Executive Council and the Dubai Economic Council. As vice chairman of
Dubai Aluminum Company (DUBAL), Alabbar has contributed to the growth of the
country's non-oil sector. He also served as vice chairman of Dubai World
Trade Center and chairman of Dubai Cable Company.
Alabbar spearheads several business entities in the
UAE and in overseas markets. Apart from being the founder and chairman of Emaar
Properties, he is the founder and chairman of Africa Middle East Resources
(AMER), a private company that works to unlock the value of natural resource
opportunities in Africa and link them with large consumer markets in Asia.
Alabbar
is the chairman of Tradewinds Corporation, a premier leisure and hospitality
owner-operator in Malaysia, focused on developing world-class real estate
developments in the country and Southeast Asia. He is also a board member
of Eagle Hills, a UAE-based real estate development company focused on
large-scale projects in high-growth international markets, and also serves on
the board of Manara Developments in Bahrain.
He
is the founder and major shareholder of RSH, the leading Singapore-based
pan-Asian marketer, distributor and retailer of international fashion and
lifestyle brands. Alabbar also sits on the board of Noor Investment Group,
an affiliate of Dubai Group, the leading diversified financial company of Dubai
Holding.
In
March 2015, Capital City Partners, a real estate investment fund led by
Alabbar, announced plans to build a new capital in Egypt. Also in 2015,
Alabbar, who sits on the board of Eagle Hills, announced plans to develop the
largest mall in the Balkans in Belgrade.
Alabbar
took the company public in 1997 and in 2000, Emaar was listed on the Dubai Financial Market. By 2004, Alabbar was expanding the company
to foreign markets with the establishment of Emaar International LLC. The
company has ongoing projects in Africa, Asia, North America, and throughout the
Middle East.
In
2005, Alabbar facilitated a partnership with Giorgio Armani and
established Emaar Hotels & Resorts LLC in an exclusive deal to launch a
collection of luxury hotels in the designer brand's name. Following the opening
of The Dubai Mall in 2008, Burj Khalifa was inaugurated two years later in
2010. Her continues to expand the company, and in 2014, Emaar listed its
shopping malls & retail business, Emaar Malls Group on the Dubai Financial
Market with one of the largest IPOs in the region.
In
2014, Gulf Business recognized Alabbar with the Lifetime Achievement Award for
his work with Emaar and the development of iconic buildings and communities in
the UAE and other countries.
3.Kushal Pal Singh
- He is Founder
of DLF Ltd, one of the Largest Real Estate Development Firms in India. Valuation
of Company 3.4 Bn. USD.
A real estate
magnate, known for being India's largest Real Estate developer was born on
August 15, 1931, in Bulandshehar, Uttar Pradesh. He grew up to establish and
head DLF Limited, as the chairman and CEO of the company.
Personal
background
He comes from a
Jat family of successful landlords and lawyers. He is a graduate in science
from Meerut College, Uttar Pradesh. For pursuing higher education in
Aeronautical Engineering, he went to UK, and subsequently got selected in the
Indian Army, by British Officers Services Selection Board, UK.
Thereafter, he
joined The Indian Military Academy at Dehradun and was, consequently commissioned
into a renowned cavalry regiment of The Indian Army, 'The Deccan Horse'.
He left the army, and joined his
father-in-law, Chaudhary Raghvender Singh, who is the founder of the DLF group.
In 1960, he joined American Universal Electric Company, which was a joint
venture between Universal electric Company of Owosso, Michigan and the Singh
family.
Along the line,
he promoted another company; Willard India limited, in collaboration with ESB
inc of Philadelphia for the manufacture of automatic and industrial batteries
in India, and consequently, became its Managing director. In 1979, American
Universal Company merged with DLF Universal Limited, placing Kushal on the post
of the Managing Director of this new company. K.P Singh is married and is
a father to three children. His son, Rajiv, and daughter, Pia are supposed to
take care of his property business operations after him.
Chaudhary Raghvender Singh, his
father-in-law, shares close ties with him. His father-in law, himself has done
infrastructural wonders to various areas in South Delhi, such as South
Extension and Greater Kailash, to name a few But the family in general,
maintains a low public profile.
Bold: Virtues
The key man,
behind DLF, who has successfully converted Gurgaon, as The Millennium City or The
Shopping Mall Capital of India, enjoys a deep passion for Golf.
He differs in
his ideas of philanthropy, believing that "The concept of philanthropy is
really good, but for that people in our country, first need to create wealth
themselves".
His contribution in transforming
Gurgaon into a world renowned hub within a decade is practically unforgettable.
His Career
As the director
of the new merger company, in 1979, he set out on an ambitious plan to develop
property in the rural state of Haryana. He had huge ideas of buying land in the
small township of Gurgaon, and envisioned the advantages of Gurgaon's close proximity
to the metropolis of New Delhi.
An entrepreneur,
K P Singh, could see great scope for real estate development in Gurgaon, and
his far-fetched futuristic ideas, paid him well, transforming him into a
real-estate business tycoon. As time went by, his dreams turned into realities
and plans got executed into action. Gurgaon transformed into India's leading
real estate destinations and a hub of business activity. Today, it is commonly
referred to as, Millennium City.
Awards and
Achievements won by Kushal Pal Singh
He holds many
key positions in regulatory bodies, including the post of the president of the
Associated Chamber of Commerce and Industry India and also of the PHD chamber
of Commerce and industry.
Currently, Singh
also presides over the Central Board, Reserve Bank of India, as its director.
He is the director of 31 different private companies engaged in various sectors
of the economy.
The prestigious 'Delhi Ratna'
award was honored to him for his valuable contribution to Delhi.
DLF Universal- Company
Profile
Under Singh's
leadership, DLF built and developed DLF city, on the 3000 acre land purchased
in Gurgaon.DLF, as a group, played a significant role in attracting a number of
MNCs to India, leading to employment generation and international level
competition.
It was instrumental in bringing
huge brand names to the nation, GE and Nestle, to name a few.
DLF Cyber City in Gurgaon is
amongst the biggest integrated technology parks in India, spanning across 125
acres. The only night golf club in India, and one of the top golf clubs in
Asia, also attributes its presence to DLF. Recently launched, DLF Emporio
Mall in New Delhi stands out as the largest luxury mall of the metropolis. Presently,
the company is handling many projects in various cities on a land bank of more
than 10,000 acres. Title sponsorship, for the
popular Indian Premier League series was also once bagged by this company.
4.Ansal Housing
Company Profile
One of the
Premier Real Estate Developers in India and Overseas who have worked relentless
for decades, to help build a stronger nation.
Since inception
in 1983, Ansal Housing has given a new dimension to Indian infrastructure
development. The Company has developed world-class townships, residential
complexes, commercial complexes, retail space, hotels and movie-halls that have
set new standards in quality and architectural excellence, delivering the best
to its customers, stakeholders and investors.
On a Firm Foundation
Ansal Housing
& Construction Ltd, stand as the premier company of the 'Ansal Housing
Group'. Along with our partner companies. Yearly group turnover exceeds, Rs.
350 crores.
To create an
infrastructure organization of the magnitude as Ansal, it takes a highly
progressive and professional management team. Company is proud to display its
pool of talent that includes experts from diverse fields such as engineering,
architecture, construction, information technology, management information
system, marketing, finance, exports and other management disciplines.
At Ansal Housing, the most
cherished thing is its customer\'s trust, which it has earned with our
commitment to quality and innovation.
The Founder
Lala Chiranji
Lal Ansal was born on 1st December, 1906, in a modest rural home in Punjab. He
started his career as a self appointed school teacher and in a way pioneered
the coaching school system in the country. He moved on to become a building
contractor, then to a builder himself and finally into a real estate developer
of immense repute.
His sheer
dedication, hard work and mission to add value to human life, led him to become
the founder of the famous House of Ansals, considered one amongst the
prestigious building giants of India.
A legend during his own life
time, Lalaji is a testimony to what an ordinary Indian with extra ordinary
dedication, courage and the spirit of service could achieve through his own
Endeavour in his lifetime. He believed in building better life and not just
better buildings.
He has left behind a legacy of
strong values and a vision, which is today the driving force of Ansal Housing
and Construction Limited.
Deepak Ansal: Current Chairman
Company’s basic thrust has been
to build townships that would provide quality life to each strata of the
society - at locations that are refreshingly away from the din and bustle of
the city life, yet within commutable distances.
Ansal Housing has already
developed 68 million sq. ft. of area and more than 66 million sq. ft. is under
various phases of development. Today, the company is present across 22 cities
in India and has created a land bank in excess of 87 million sq. ft.
These lands will be developed
into integrated townships with clubhouse and other international facilities. In
all, the company has done projects worth approximately Rs. 6000 crores as on
2010.
Board Of
Directors
Kushagr Ansal, Whole Time Director
Mr. Kushagr
Ansal, an MBA with specialization in Finance from Bentley College, USA, joined
the sales and marketing department at Ansal Housing in 2001. He heads the
marketing and business development division, in addition to looking after the
overseas projects. He has attained state-of-the-art expertise in System
Management and is a great source of strength and inspiration to his team
members as they successfully choose newer targets.
Karun Ansal, President (Projects)
Mr. Karun Ansal has done his
Bachelor of Science, Marketing in May, 2004 from Bentley College, USA and
Masters of Business Administration (Finance) from Bentley College, Waltham, USA
in 2007.
He has attained state- of- the
art expertise in System Management in addition to knowledge of subjects like
basic financial markets, equity valuation, mergers & acquisitions,
strategic management, sales management, e-commerce etc. During his training and
service with Deloitte & Touché LLP and Citizen Bank, a subsidiary of Royal
Bank of Scotland, Mr. Ansal got experience in post merger issues, budget
analysis, developing and implementation of a financial audit plan, accounting,
auditing, Internal control assessment and policy & procedure review.
Ansal Housing & Construction,
stand as the premier company of the 'Ansal Housing Group'. Along with partner
companies, the company’s yearly group turnover exceeds Rs 350 crore.
To create an
infrastructure organization of the magnitude as the company
It takes a
highly progressive and professional management team. The company is proud to
display the pool of talent that includes experts from diverse fields such as
engineering, architecture, construction, information technology, management
information system, marketing, finance, exports and other management
disciplines.
At Ansal Housing,
the most cherished thing is its customer's trust, which the company has earned
with its commitment to quality and innovation.
Residential Projects
Ansal Town Agra
, Ansal Town Muzaffarnagar , Ansal Town Indore , Ansal Town
Karnal , Ansal Town Meerut , Ansals Courtyard Meerut , Ansals
Woodbury Apartments Zirakpur , Ansal Heights Mumbai , Ansals
Courtyard Agra , Ansals Tanushree Ghaziabad , Ansal Town Rewari
, Ansals Grace Jammu , Ansal Town Alwar , Ansals Palm Court
Jhansi , Ansals Elegance Ghaziabad , Perth Paradise Sri Lanka
, Ansals Whispering Meadows Mumbai , Ansals Orchid Greens Lucknow
, Ansals Suvarna Vilas Shahpur , Ansal Town Yamunanagar.
Commercial Projects
Ansals Shivam
Corporate Suites Ghaziabad,Ansal Plaza Vaishali Ghaziabad, Ansal Plaza
Corporate Suites Vaishali Ghaziabad , Ansals Fortune Arcade Noida, Ansals Corporate Floors Vaishali,Ansals
Majestic Tower New Delhi, Ansals Classique Tower New Delhi , Ansals
Imperial Tower New Delhi , Ansals Laxmi Deep New Delhi , Ansals Vikas
Deep New Delhi , Ansals Pragati Deep New Delhi.
Hospitality Projects
Chancellor Club
Lucknow , Chancellor Club Vaishali , Chancellor Club Ghaziabad, Super
Stars Noida , The Great Kabab Factory Noida , Marriott Welcome Hotel
New Delhi.
Company
Financials
Net revenue from
operations for the standalone entity increased to Rs. 619.01 Crores from Rs.
435.65 Crores in the previous year registering a growth of 42%. The operating
profit (EBITDA) increased by 12.42%, from Rs. 101.25 Crores to Rs.113.83
Crores. The profit after tax for the current year is Rs. 39.02 Crores as
against Rs. 38.01 Crores for the year 2013-14.
5.Sheldon Adelson
Chairman &
CEO of Las Vegas Sands. He is known as a Casinos & Hotels Magnate. He had a
Net Worth of over USD 27.4 Bn. in 2015
Sheldon Gary Adelson (born August 4, 1933) is an
American business magnate, investor and philanthropist. He is the chairman
and CEO of the Las Vegas Sands Corporation, which owns Marina
Bay Sands in Singapore and is the parent company of Venetian Macao
Limited which operates The Venetian Resort Hotel Casino and Sands
Expo & Convention Center.
He
also owns the Israeli daily newspaper Israel HaYom. Adelson, a lifelong donor
and philanthropist to a variety of causes, founded with his wife's initiative
the Adelson Foundation.
As
of June 2015, Adelson was listed by Forbes as having a fortune of $28 billion,
and as the 18th richest person in the world. He is a major contributor
to Republican Party candidates, which has resulted in his gaining
significant influence within the party.
Early
life and education
Adelson was born into a poor family and grew up in
the Dorchester neighborhood of Boston Massachusetts, the son of
Sarah (née Tonkin) and Arthur Adelson. His family was of Ukrainian Jewish ancestry. His
father drove a taxi, and his mother ran a knitting shop.
His
Famous Quote
- "An entrepreneur is born with the mentality to
take risks, though there are several important characteristics: courage, faith
in yourself, and above all, even when you fail, to learn from failure and get
up and try again."
- “Entrepreneurship is essentially identifying the
path that everyone takes; and choosing a different, better way.”
He started his business career at the age of 12,
when he borrowed two hundred dollars from his uncle and purchased a license to
sell newspapers in Boston. At the age of 16, he had started a
candy-vending-machine business. He attended trade school to become a court
reporter and subsequently joined the army. Adelson attended City
College of New York, but decided to drop out.
He
established a business selling toiletry kits after being discharged from the
army then started another business named De-Ice-It, which sold a chemical spray
to help clear frozen windshields. In the 1960s, he started a charter tours
business. He had soon become a millionaire, although by his 30s he had
built and lost a fortune twice. Over the course of his business career, Adelson
has created over 50 of his own businesses.
Business career
COMDEX
In the late 1970s, Adelson and his partners
developed the computer trade show COMDEX, for the computer industry; the
first show was in 1979. It was the premier computer trade show through much of
the 1980s and 1990s.
In 1995, Adelson and his partners sold the
Interface Group Show Division, including the COMDEX shows, to Soft Bank
Corporation of Japan for $862 million; Adelson's share was over $500
million.
Sands Casino,Las Vegas, Nevada
In
1988, Adelson and his partners purchased the Sands Hotel & Casino in
Las Vegas. The following year, Adelson and his partners constructed the Sands
Expo & Convention Center, then the only privately owned and operated convention
center in the U.S.
In
1991, while honeymooning in Venice with his second wife, Miriam,
Adelson found the inspiration for a Mega Resort Hotel. He razed the Sands
and spent $1.5 billion to construct The Venetian, a Venice-themed resort hotel
and casino.
The
Venetian opened May 3, 1999. In 2003, The Venetian added the 1,013-suite Venezia
tower – giving the hotel 4,049 suites; 18 restaurants and a shopping mall
with canals, gondolas and singing gondoliers.
The Cotai Jet, providing rapid transit between Macao and Hong
Kong. In
August 2007, Adelson opened the $2.4-billion Venetian Macao Resort
Hotel on Cotai and announced that he planned to create a massive, concentrated
resort area he called the Cotai Strip, after its Las Vegas counterpart.
Adelson
said that he planned to open more hotels under brands such as Four Seasons,
Sheraton & St. Regis.
His
Las Vegas Sands planned to invest $12 billion and build 20,000 hotel rooms on
the Cotai Strip by 2010.
Bethlehem, Pennsylvania
In the late 2000s, Adelson and the company decided
to build a casino resort in Bethlehem, Pennsylvania. It is one of
five stand-alone casinos that were awarded a slots license by the Pennsylvania
Gaming Control Board in 2006.
The casino opened May 22, 2009. Table games began
operation on July 18, 2010. The hotel opened May 27, 2011. Adelson said
"If we have the opportunity to build an integrated resort, we're going to
do it. We think it will attract the customers and the tax revenue to the state
of Pennsylvania and the Lehigh Valley and
the cities that are in it."
The Venetian
Macau, the Sixth Largest Building in World
In 2010, during the late-2000s Global
Recession, Adelson told The Wall Street Journal "If it were
today, we probably wouldn't have started it."
Macau, China
Adelson spearheaded a major project to bring the
Sands name to Macau, the Chinese gambling city that had been a Portuguese
colony until December 1999. The one-million-square-foot Sands Macau became
the People’s Republic of China’s first Las Vegas-style casino when it
opened in May 2004.
He recovered his initial $265-million investment in
one year and, because he owns 69% of the stock, he increased his wealth when he
took the stock public in December 2004. Since the opening of the Sands Macao,
Adelson's personal wealth has multiplied more than fourteen times.
Adelson's
company is reportedly under federal investigation over alleged violations of
the Foreign Corrupt Practices Act relating to payments made to a
Macao lawyer.
Marina Bay, Singapore
Marina Bay Sands, Singapore, second
most expensive building in world
In May 2006, Adelson's Las Vegas Sands was awarded
a hotly contested license to construct a casino resort in Singapore’s Marina
Bay. The new casino, Marina Bay Sands, opened in 2010 at a rumored cost of
$5.5 billion. It includes a shopping mall, convention center, and 2,500 luxury
hotel rooms.
Israeli press
In
2007, Adelson made an unsuccessful bid to purchase the Israel newspaper Maariv.
When this failed, he proceeded with parallel plans to publish a free daily
newspaper to compete with Israeli, a newspaper he had co-founded in
2006 but had left.
The
first edition of the new newspaper, Israel HaYom, was published on July
30, 2007. On March 31, 2014, Adelson received the go-ahead from a Jerusalem
court to purchase Maariv and the conservative newspaper Makor
Rishon.
According
to a Target Group Index (TGI) survey published in July
2011, Israel HaYom, which unlike all other Israeli newspapers is
distributed for free, became the number-one daily newspaper (on weekdays) four
years after its inception.
This
survey found that Israel HaYom had a 39.3% weekday readership
exposure, Yedioth Ahronoth 37%, Maariv 12.1%, and Haaretz 5.8%.
The Yedioth Ahronoth weekend edition was still leading with a 44.3%
readership exposure, compared to 31% for the Israel HaYom weekend
edition, 14.9% for Maariv, and 6.8% for Haaretz. This trend was already
observed by a TGI survey in July 2010.
In
2011, the Israeli press said that Adelson was unhappy with coverage of him on
Israeli Channel 10, which alleged that Adelson had acquired a casino
license in Las Vegas inappropriately through political connections. The
channel apologized after Adelson threatened a lawsuit. This led to the
resignations of the news chief, Reudor Benziman; the news editor, Ruti Yuval;
and the news anchor, Guy Zohar, who objected to the apology.
