|Sheldon Adelson, the man behind the giant Comdex computer convention and Las Vegas megaresort the Venetian, has big plans for his latest venture, the building of a resort casino in Macau. But he’s not going to be gambling much of his own money on the deal.|
According to the September 2 edition of Forbes magazine, Adelson stands to win much, but lose little if the Macau venture doesn’t succeed: The deal with the Macau government (a “Special Administrative Region” of China, with semiautonomous government similar to Hong Kong) commits Adelson’s group of investors to spend $1.1 billion within 10 years. And although Adelson’s May refinancing of $850 million in notes includes an allowance of up to $40 million for the Macau deal, a 10K filing reveals that his Las Vegas Sands Inc., isn’t ‘obligated to pay’ anything on the project. Adelson’s only commitment is an option for a 30% stake. According to the Forbes story, “The privilege of gambling real money on Macau is apparently reserved for Adelson's less visible partners, who consist of prominent local families.'
'We're looking to change the face of Macau,' Adelson says in the Forbes story. 'This will be the crowning achievement of my business career. It's the most challenging adventure I've ever taken in my life and has the potential to be bigger than everything I've ever done. I wouldn't even want to sell it for $500 million. It's going to be worth many billions.'