Sheldon Adelson Loses Billions on Macau Currency Controls
Sheldon Adelson‘s net worth plummeted as much as $3 billion after rumors surfaced that the Chinese government will cut the amount that can be withdrawn from Macau banks by 50 percent. The move is intended to prevent wealthy Chinese from taking funds out of the mainland by laundering the money through Macau’s gambling casinos.
Adelson was especially hurt since the move dropped the value of his Las Vegas Sands’ casinos in Macau. The company lost lost 14% of its market cap in one day.
It has not regained its value in spite of a press release from the Monetary Authority of Macau disavowing the rumor.
Meanwhile Sheldon Adelson and Oakland Raiders’ owner Mark Davis are having trouble reaching an agreement over a new $750 million taxpayer financed stadium which could see the NFL team move to Los Vegas. NBC Sports reports that Davis is negotiating with Oakland officials for a new deal which would keep the team there, but that this may just be an effort at leveraging the Las Vegas deal.Read more about: #https://goo.gl/Q4MfDj, Casinos in Macau, Las Vegas Sands, Sheldon Adelson