September has been a lousy month for stocks, which is not unexpected (“Sell in May, go away), but it has been worse than usual amid Mideast Isis madness, Ebola fears and worries about a European recession. However, Sheldon Adelson’s Las Vegas Sands (LVS) has been one of the rare and unexpected winners in a losing season.
Bloomberg reports that the world’s 400 wealthiest lost $26.2 billion collectively on the decline of stocks. The Walton family of Wal-Mart (WMT) fame have lost a huge amount, with a $6.9 billion haircut in their collective holdings. The S&P 500 lost 6.2 percent amid global and domestic worries.
Who would have thought casinos would be winning, with Sheldon Adelson’s company reporting a $1.4 billion gain, and beat analyst estimates. Currently, Adelson is ranked as the 15th richest person in the world, with a net worth of $30.5 billion.
It looks like everyone is in the gambling mood.