$60 Million Wasted?

By | Nov 08, 2012
Dollar bills

Sheldon Adelson made history this year, becoming the biggest campaign donor in U.S. history by giving more than $60 million to help Republicans win in the 2012 elections. But how did his bets pay off? Not so well.

During the Republican primary season, Adelson—who has an estimated worth of $25 billion—and his wife, Miriam, poured $10 million into Newt Gingrich’s presidential bid. When Newt Gingrich failed to secure the nomination, Adelson forked over even more cash to presidential candidate Mitt Romney. He gave $34.2 million to Romney’s campaign and Super-PAC, Restore Our Future, and boasted that he was willing to spend $100 million to ensure President Obama’s defeat. Romney was defeated by a sizable margin on Tuesday.

Down ballot, Adelson’s success rate was no better. The casino mogul backed Texas Senate hopeful David Dewhurst, who lost in his party’s primaries, and later, Senate candidates George Allen and Joe Kyrillos and Congressional candidates Connie Mack, Shmuley Boteach and Allen West—all of whom lost to Democrats in the general election.

According to the New York Times, Adelson doesn’t seem too concerned about his failed investment: “‘Paying the bills,’ Mr. Adelson said on Tuesday night when asked by a Norwegian reporter how he thought his donations had been spent. ‘That’s how you spend money. Either that or become a Jewish husband—you spend a lot of money.’”


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