Las Vegas Tycoon Sheldon Adelson to Fund President Trump Reelection Campaign

Posted on: August 17, 2020, 03:06h. 

Last updated on: August 18, 2020, 08:20h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Las Vegas Sands billionaire Sheldon Adelson might have recently had a contentious phone call with President Donald Trump. But that won’t stop the casino tycoon from opening up his endlessly deep pockets to support the Commander-in-Chief’s reelection bid.

Sheldon Adelson Donald Trump odds 2020
President Donald Trump is set to receive an influx in campaign cash from billionaire Sheldon Adelson. (Image: Carolyn Kaster/AP)

Trump reportedly asked Adelson during a call earlier this month why he wasn’t giving more to his campaign. The 87-year-old, worth an estimated net worth of $31.2 billion, abruptly ended the conversation without giving a reason. Speculation naturally ensued — was Adelson upset with the President’s handling of the coronavirus and the economic response? Does the billionaire simply feel the odds are too long for Trump to beat Joe Biden to write a check?

The answers are no, at least according to The New York Times. The news outlet says numerous GOP megadonors met last week at the Four Seasons Resort in Jackson Hole, Wyoming, and the Adelsons affirmed their commitment to the cause to keep Trump in the White House for another four years.

Biden remains the 2020 betting favorite. On PredictIt, shares of the presumptive Democratic nominee winning are trading at 58 cents. Trump’s shares are at 44 cents. UK bookmaker William Hill has Biden at 4/5 (-125), and Trump the underdog at 6/5 (+125).

Adelson’s All-In

Because of COVID-19, the aging Adelson and his wife Dr. Miriam Adelson sent their top government advisor, Andy Abboud, to appear on their behalf in Jackson Hole. According to sources who were in the Four Seasons conference room where the gathering took place, Abboud assured the congregation that the GOP’s top donors are ready to assist in Trump’s reelection.

I just want to say that I just spoke to the Adelsons. They are 110 percent behind the President. And that’s going to become apparent shortly,” Abboud declared.

The Adelsons have been the Republican Party’s largest donors in each of the past two federal elections, their total contributions upwards of $205 million since 2016. But in 2020, they’ve given only $1.16 million directly to Trump super PACs, and $12.5 million to support the GOP Senate Leadership Fund.

Abboud’s comments, however, suggest when the next round of campaign disclosures are revealed by the Federal Election Committee, the Adelsons will likely be atop the Republican contributor list.

War Chests

Biden’s choosing of California Sen. Kamala Harris to be his running mate has brought in a rush of campaign money. In the four hours after the announcement, ActBlue, the main fundraising PAC for the Democratic Party, said it received $10.8 million in donations.

Forbes says the fundraising gap Trump has enjoyed thanks to having much more time being identified as his party’s nominee has essentially been closed. The campaigns have about the same amount of cash on hand. But that could quickly change when Sheldon Adelson cuts his check.

The Biden camp has plenty of megadonors, too. In fact, Biden has received donations from 131 billionaires, while Trump has received contributions from 99 individuals worth at least 10 digits.

One surprising fact is that Trump donated twice to Harris while she was running for attorney general of California. The then-businessman contributed a total of $6,000 to her campaigns in 2011 and 2013.