Adelson spent $150m to support Republicans

December 04, 2012 - 10:00:25 am

WASHINGTON: US casino magnate Sheldon Adelson spent $150m, much more than previously thought, on funding Republican hopefuls in an unsuccessful bid to stop Barack Obama winning a second term, a report said yesterday.

Adelson, 79, whose Las Vegas Sands Corp. also operates casino resorts in the Chinese territory of Macau, the world’s largest gambling center, funded several Republican candidates and affiliated groups during the campaign.

His apparent aim was to unseat Obama and help Republican lawmakers take back control of Congress after the November 6 elections, but his spending failed with Obama defeating Mitt Romney and the Democrats retaining the Senate.

The $150 million figure - given by the Huffington Post, citing Republican fundraisers - is three times more than the $54 million previously disclosed, and 50 percent more than the $100 million Adelson once said he was prepared to spend.

The money bankrolled groups ostensibly working against Obama and in support of Republican presidential nominee Romney and other candidates who ran for Congress against members of the Democratic Party.

Adelson, whose fortune is estimated at $20bn by Forbes magazine, is being investigated by the US Justice Department over how his casino network is operated.