Casino tycoon Sheldon Adelson emerges as biggest US political donor over past two decades
Las Vegas casino tycoon Sheldon Adelson and his wife Dr. Miriam Adelson emerged as the biggest US political donors as they donated more money to various federal political campaigns than anybody else over the past twenty years.
Sheldon Adelson has reportedly used his large bank balance in influencing political leaders. He remained largest financial donor to US President Donald Trump ever since he entered the arena of politics.
As per available federal campaign finance records, Mr. Adelson and his wife donated $308 million in contributions to various federal political campaigns between 1990 and 2020.
The 86-year-old donor is best known for laying the foundation of American casino operator Las Vegas Sands. Currently, he is serving the casino company as its chairman and chief executive.
In terms of political donations, he financially supported the Republic Party the most. Mr. Adelson and his wife donated $82.58 million to Republicans in 2016 and boosted the amount to $123.25 million in 2018 to support the party's midterm election campaigns. Valued at nearly $30.4 billion by Forbes Magazine, Mr. Adelson greatly boosted his political activity over the past many general elections.
Supporting political campaigns has become a trend among the US billionaires. According to a newly-published report from Americans for Tax Fairness & Institute for Policy Studies, financial support for political campaigns jumped from $32 million in the year of 2010 to more than $611 million in 2018. The unprecedented increase was due to a Supreme Court ruling that permitted individuals and groups to spend as much money on political campaigns as they like.
Following Mr. Adelson and his wife, former 2020 Democratic presidential candidates Tom Steyer and Mike Bloomberg emerged as the second and third biggest political donors. Mr. Steyer donated $275 million, while Mr. Bloomberg made contributions of $181 million on various federal campaigns. It is worth-mentioning here that, the aforementioned donations by Mr. Steyer and Mr. Bloomberg don't include their spending on their 2020 presidential campaigns.
Las Vegas, which is also called Sin City, made large contributions to President Donald Trump’s election campaigns in 2016 as well as his 2020 reelection campaigns. As Las Vegas is one of the world's largest gaming hubs, it is but natural for the city to support President Trump's who had a lengthy history in the casino industry. Once, he operated casinos in Atlantic City and Indiana.
The big financial contributions for President Trump's election campaigns recently triggered concerns that the billionaire president is funded by other billionaires, and not by small contributors, which the Democratic Party likes to flaunt.
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