Casino Billionaire’s US$10-M play gave Newt a chance

Three months ago, with Newt Gingrich trailing four other candidates for the Republican presidential nomination, the former House Speaker appeared in Las Vegas at Mundo, a Mexican restaurant, for a $500-a-plate fundraiser. “I promise you one thing,” Speaker Gingrich told the crowd. “The day I become President is the day that entrepreneurs are going to be able to smile again.”

Grinning at the head table was Casino Billionaire Sheldon Adelson, CEO of Las Vegas Sands Corp. (NYSE:LVS), and his wife, Miriam.

They gave Newt Gingrich a standing ovation, according to George Harris, a finance co-chairman of Mr. Gingrich’s campaign and organizer of the event. It was a boost at a time when an October Gallup poll showed Gingrich with only 7% of the vote.

Mr. Adelson, 78 anni, and wife, Miriam, 66 anni, have contributed US$10-M in recent weeks to a political action committee fueling Mr. Gingrich’s primary battles in South Carolina and Florida.

While the Adelson’s and Speaker Gingrich have similar opinions on limiting government spending and reducing taxes, they share a bond in their support of Israel, according to Mr. Harris.

“He knows I’m very pro-Israel and that’s the central value of his life,” Speaker Gingrich, 68 anni, said of Mr. Adelson in an NBC News interview last week. “He’s very worried that Israel’s going to not survive.”

Mr. Adelson gave his cash to Winning Our Future, the Georgia-based independent political-action committee run by Gingrich’s former aides.

Known as a super-PAC, such a group is not limited by campaign finance laws and donation limits, though federal law prohibits coordination between super- PACs and candidates.

Far more of the Adelsons’ money has gone to causes supporting Israel. The couple contributed more than US$100-M since Y 2007 to Taglit-Birthright Israel, which offers free, 10- day educational trips to Israel for young people, according to Jacob Dallal, a spokesman for the group. They are longstanding benefactors of Yad Vashem, a Holocaust memorial in Jerusalem.

Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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Posted by Shayne Heffernan on Jan 26th, 2012and filed underLatest News, USA.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.