Adelson, 76, is chairman and principal owner of the Las Vegas Sands Corp, the parent company of the Sands – The Venetian resort-hotel-casino in Las Vegas, Nevada and the Venetian Macao Ltd in Macau, China, to name a few. The Sands launched its new convention-hotel-casino in Singapore last month.
In his tight schedule on the launch day of Marina Bay Sands Singapore, Adelson spent 20 minutes with this writer to share about himself and his upcoming plans.
According to Forbes Magazine in 2006, Adelson was the fifth richest man in the world and the third richest man in America. His net worth was US$20.5bil. In 2003, his wealth was only US$1.4bil, but in 2004 his fortune increased by 750% when his company, Sands, went public on Wall Street.
Forbes estimated that over the past two years, Adelson’s fortune was growing by US$1mil every hour. However, Adelson now ranks 73 on the Forbes list with a net worth of US$9.3bil. In 2008, when the share prices of the Sands Corp plunged, it signalled a potential bankruptcy.
Adelson lost US$24bil that year, according to Forbes, more than any other American billionaire. However, with recent developments, many believe he is making a comeback.
Adelson grew up in the poor Dorchester neighbourhood of Boston, Massachusetts. His father was a taxi driver and his mother ran a knitting store.
“At twelve, I bought and sold newspaper corners. Whoever owned a corner could hire any kid to sell newspapers. How did it start? My brother went out to sell newspapers to the kid who owned a corner. I went out too and at the end of each day, he came to take money from my apron. I ask him why he was taking the money and I was doing all the work. He said because he owned the corner. I said I want to own a corner. He said if you want it, you have to give me 200 dollars. I didn’t know how much 200 dollars was, one thing led to another, I borrowed 200 dollars from a credit union, of which my uncle was a treasurer. Then I bought the corner,” Adelson says.
He later worked as a mortgage broker, investment adviser and financial consultant.
When asked when was the defining moment that he became rich, he smiles, “I believe in faith. Whatever happens, happens. I get rich, okay. Poor okay too. But if you had the choice, to be rich or poor, you’d have problems being rich or poor. So I would rather be rich.”
Adelson had built over 50 different companies, including the Computer Dealers Exposition (Comdex), designed to bring computer manufacturers and resellers together. He and his partners sold the company in 1995 for US$862mil. Adelson’s share was just over US$500mil. Today, Comdex is the world’s largest computer trade show and operates in over 20 countries.
On his ventures into Asia, Adelson says Asians have the propensity to gamble. To some, it’s part of the culture. On his decision-making processes and moving to Asia, he says: “Well, it is easy for me to trust people but I am not always right. I am not always a good judge of whom I can trust and whom I can’t. My wife is a good judge. People who are more objective, who are not involved in the selection process make better judgements than those who are involved. They are outside looking in. When you are in the forest, it is hard to focus on everything. You see just trees. You can’t do a better job if you are too involved.”
“I am an ordinary guy. I come from a very poor family. I wasn’t born with a silver spoon in my mouth. I had to work for everything I had. I appreciate my children. I was the third richest man in the United States. Then I landed up as the fifth richest man in the world. I didn’t feel any different. I didn’t look any different. I just carried on my life like you do. Presently, I can afford more luxuries. Now listen, I want to live my life as long as it allows me to do that.”
“A friend of mine asks me, ‘You are in your 70s, you just built the Marina Bay Sands. What do you want to do next?’ I told him I want to get to my 80s ... 90s ... why stop?” he shrugs.
Who is his mentor? Adelson laughs, “I am my own mentor. Someone said to me ... don’t work so hard, you’d get a heart attack. I said, I don’t get heart attacks, I give heart attacks. Well, that’s not true. I’m kidding.”
On his past remorse in the business world, he says, “I made some investments in some other businesses. Every time I invest in someone else’s business, I usually lose. Not all the time, but most of the time. Everytime I put money in my own business, I win.
“I have given up putting money in someone else’s business. I’ve given it up, I don’t do it. I don’t invest in shares of stock or bonds in other companies. I only buy US treasuries and US municipals. No private equities or hedge funds. That’s what I learn, so I don’t do it anymore. I don’t do it because I keep losing. I am not a masochist. I don’t want to keep losing. So, I have stopped doing it.”
Adelson enjoys being in Asia. He is very passionate to share his love for Asian cuisine, especially Cantonese food. His favourites generally are Peking duck, tandoori chicken and naan. He also loves the Indonesian nasi goreng as long as it is not too spicy.
On his advice to young entrepreneurs, he has this to say: “Talk to other people who have the experience of running businesses. Learn from other people but make your own decisions.
“So, if somebody tells you what to do, don’t listen to them. You take it as advice but you don’t do what they tell you unless you agree with that.
“I have always found in my life that it is not good to do what they tell you but to take their advice. If you make your own decision and you succeed, you can thank yourself and feel good about it.
“But if you listen to other people and you don’t do something and then if it succeeds, you say it is all his fault because he said it is not advisable.
“And it is the same thing when you win. You need to feel good about yourself. You need to know in your heart that you are the one who made the decision to go into it. Whether you succeed or fail, that is the responsibility you have to accept.”
Adelson’s Marina Bay Sands Singapore was launched in June. Many refer to the structure as a new icon in the island nation.
It is continuously attracting new tourists and hopes to do better with the opening of new shopping stores, night entertainment, world-class museums and Broadway productions by early next year.
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