Political Animal

Blog

April 04, 2014 3:16 PM Like the Honey Badger, Sheldon Adelson Does What He Wants

By Ed Kilgore

So do you think Sheldon Adelson is concerned about all the bad publicity and mockery he received last weekend for presiding over the “Sheldon Primary,” a parade in Las Vegas of presidential hopefuls trying to attract massive SuperPAC support for their dreams?

Probably not. Since then, per this stunning report from Forbes’ Dan Alexander, Adelson’s had a pretty good week:

Shares of his casino company Las Vegas Sands LVS -3.18% climbed Monday and then spiked Tuesday after an overnight report showed strong first quarter gambling revenues in Macau, where Adelson has extensive operations. The 6% stock jump over two days, coupled with a dividend payout on Monday, pushed Adelson’s net worth up $2.1 billion to $40 billion, cementing his position as eighth-richest in the world by Wednesday morning.

For the math-impaired, Alexander notes that this two-day haul is approximately 21 times the total he and his wife spent on his much-publicized political philanthropy in 2012.

Now there are limits to what money can accomplish in a presidential general election, given partisan attachments and saturation advertising levels. But in a GOP nomination contest money talks very loudly. Adelson has the power to make almost any minimally qualified candidate viable. He’s like the Honey Badger, who does what he wants. According to the United States Supreme Court, there’s nothing we can do about it.

Ed Kilgore is a contributing writer to the Washington Monthly. He is managing editor for The Democratic Strategist and a senior fellow at the Progressive Policy Institute. Find him on Twitter: @ed_kilgore.

Comments

(You may use HTML tags for style)

comments powered by Disqus