Freedom’s Bankruptcy Watch
It looks like billionaire warmonger Sheldon Adelson is feeling the pinch:
Las Vegas Sands Corp., billionaire Sheldon Adelson’s casino company, fell the most in New York trading since going public after saying it may default on debt and face bankruptcy.
The casino owner, which had $8.8 billion in long-term debt at the end of June, said in a regulatory filing today that it probably won’t meet the requirements of loans arranged by Citigroup Inc., Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. unless it cuts spending on developments, boosts earnings at its Las Vegas Strip casinos and raises more capital.
The reversal of fortune is a black eye for the 75-year-old Adelson, who was once America’s third-richest man on the strength of his Las Vegas Sands holdings. The Las Vegas-based company’s dwindling cash flow is threatening $16 billion worth of developments in Macau, China, and Singapore, where Las Vegas Sands is building resorts to cater to wealthy Asian gamblers.
It couldn’t have happened to a slimier, more repugnant person. Ultimately, though, watching these billionaires get their comeuppance is unsatisfying — he’ll still come out of this much, much, much better off than the victims of his union-busting efforts and wars and so forth. Still.
32 Responses to “Freedom’s Bankruptcy Watch”
Register
RSSLogin
Topic Cloud
ArchivesBlog RollAbout Matt YglesiasContact Me
Donate
November 7th, 2008 at 11:45 am
I think this is the guy the New Yorker profiled about a year ago? Came off as a total scum bucket.
November 7th, 2008 at 12:10 pm
lfv-
’cause he is an utter, total, worthless piece of shit.
November 7th, 2008 at 12:18 pm
Scum-bucket he may be but “wars and so forth”?
November 7th, 2008 at 12:34 pm
So will the banks send someone to break his legs?
November 7th, 2008 at 12:45 pm
Yes, the New Yorker profiled him here. He truly is a vile piece of shit, and–ooh, big surprise–he’s close to Bush.
November 7th, 2008 at 12:56 pm
RE ff11’s comment “So will the banks send someone to break his legs? ”
————
He makes his money in Las Vegas casinos. Who do you think his creditors are?
November 7th, 2008 at 2:31 pm
In a previous post regarding fund-raising, I seem to recall Adelson as one of the people that Matt noted could decide to swamp the airwaves with anti-Obama ads at the drop of a hat.
I don’t know if Adelson’s problems predate Lehman going belly up, but whatever the cause, any problems that kept him preoccupied were their own silver lining.
November 8th, 2008 at 2:53 am
I’m getting layoff because of his stupid ass building after building plunging into a billionare adventure of his. Now i might go to tomorrow to work and get layoff cause of his jewish rich ass. He have money he just rather layoff all us who cater to him and bush when they are in town. I’m sick of it. Fuck fuck fuck fuckkkk now i got to think when where i’m going to work and how thinks are moving out of vegas
November 8th, 2008 at 2:55 am
Fuckkkkkkkkkkkkkkkkkkkkkkkkkkkk we all fuck at the end
November 29th, 2008 at 2:25 am
The other shoe dropped at Citigroup, and it was a big one. The banking giant said it is cutting another 52,000 jobs, on top of the roughly 23,000 in reductions made earlier this year. In a town hall meeting Monday with employees, however,
November 29th, 2008 at 5:25 am
DUBAI, United Arab Emirates – Citigroup ’s chairman is hinting the banking giant will announce more job cuts Monday, and isn’t ruling out the possibility executives will follow peers at Goldman Sachs and forgo bonuses. Various reports
January 13th, 2009 at 9:39 am
laptop battery
laptop batteries
February 8th, 2009 at 8:49 pm
laptop battery
February 9th, 2009 at 3:12 am
laptop battery
February 13th, 2009 at 7:45 pm
Hey very nice blog!! Man .. Beautiful .. Amazing .. I will bookmark your blog and take the feeds also…
February 13th, 2009 at 7:55 pm
Does anyone know where I can find free online grant applications?
March 1st, 2009 at 6:00 pm
cialis
Excellent site. It was pleasant to me.
March 11th, 2009 at 4:24 am
It is the coolest site,keep so!
March 12th, 2009 at 11:05 pm
Incredible site!
March 30th, 2009 at 7:46 pm
This blog has really gone down hill this year.
April 2nd, 2009 at 5:07 am
I bookmarked this site. Thank you for good job!
buy cheap viagra
April 3rd, 2009 at 4:03 am
I want to say – thank you for this!
cheap brand pfizer viagra
April 9th, 2009 at 5:11 am
I want to say – thank you for this! viagra
April 11th, 2009 at 12:15 am
Yeah I know what you mean.
April 11th, 2009 at 12:15 am
Do you even know how to speak english, I eman what our you tryying to speek about. I could taach you some iglish if you like. Send me a mail through the online Internet plaeas thanky-ou.