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</TD></TR><TR><TD vAlign=top><TABLE width="100%" valign="top"><TBODY><TR><TD>He Made $1.58m An Hour
Sep 23, 2006
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Casino magnate Sheldon Adelson, who won the bid to run an integrated resort at Marina Bay in Singapore, was named America's third richest man in the Forbes annual rankings list released on Thursday.
Mr Adelson vaulted from No 15 spot on the list to third place, with an estimated fortune of US$20.5 billion, just behind Microsoft founder Bill Gates (US$53 billion) and businessman and investor Warren Buffet (US$46 billion).
The chairman and chief executive of the Las Vegas Sands empire, Mr Adelson's rapidly expanding net worth was credited to his decision to open a casino two years ago on the island of Macau, an emerging gambling haven off the south-eastern coast of China. The billionaire personally and through family trusts controls 60 per cent of the company that owns the establishment, Las Vegas Sands Corp. Forbes estimates Mr Adelson earned about US$1 million an hour over the last two years.
In the second quarter alone, Sands' Macau property saw net revenue jump to US$310.4 million from US$205.1 million a year earlier. To tap the growing demand from gamblers in Asia, Sands has plans for a second property on Macau and Singapore's Marina Bay resort.
The Forbes list was led by technologists, such as Gates, Microsoft co-founder Paul Allen, Dell Inc's Michael Dell and Larry Ellison, and was rounded out by five members of the Walton clan, whose fortunes were amassed from the world's largest retailer, Wal-Mart Stores Inc.
Software magnate Ellison, with $19.5 billion, moved to fourth place from fifth, and Allen, last year's No. 3, was fifth this year with $16 billion. Dell, with a net worth of $15.5 billion, fell to a tie at ninth place from fourth in last year's list. Mr Adelson's ascension also knocked Helen Walton, the wife of Wal-Mart's late founder Sam Walton, into 11th place with a net worth of $15.3 billion. Thanks to Macau, casino boss Sheldon Adelson has been raking it in for 2 years
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<CENTER><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>Gaming Investor </TD></TR></TBODY></TABLE></CENTER>
</TD></TR><TR><TD vAlign=top><TABLE width="100%" valign="top"><TBODY><TR><TD>He Made $1.58m An Hour
Sep 23, 2006
</TD></TR><TR><TD>
Mr Adelson vaulted from No 15 spot on the list to third place, with an estimated fortune of US$20.5 billion, just behind Microsoft founder Bill Gates (US$53 billion) and businessman and investor Warren Buffet (US$46 billion).
The chairman and chief executive of the Las Vegas Sands empire, Mr Adelson's rapidly expanding net worth was credited to his decision to open a casino two years ago on the island of Macau, an emerging gambling haven off the south-eastern coast of China. The billionaire personally and through family trusts controls 60 per cent of the company that owns the establishment, Las Vegas Sands Corp. Forbes estimates Mr Adelson earned about US$1 million an hour over the last two years.
In the second quarter alone, Sands' Macau property saw net revenue jump to US$310.4 million from US$205.1 million a year earlier. To tap the growing demand from gamblers in Asia, Sands has plans for a second property on Macau and Singapore's Marina Bay resort.
The Forbes list was led by technologists, such as Gates, Microsoft co-founder Paul Allen, Dell Inc's Michael Dell and Larry Ellison, and was rounded out by five members of the Walton clan, whose fortunes were amassed from the world's largest retailer, Wal-Mart Stores Inc.
Software magnate Ellison, with $19.5 billion, moved to fourth place from fifth, and Allen, last year's No. 3, was fifth this year with $16 billion. Dell, with a net worth of $15.5 billion, fell to a tie at ninth place from fourth in last year's list. Mr Adelson's ascension also knocked Helen Walton, the wife of Wal-Mart's late founder Sam Walton, into 11th place with a net worth of $15.3 billion. Thanks to Macau, casino boss Sheldon Adelson has been raking it in for 2 years
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