While billionaire casino mogul Sheldon Adelson may have rescued Newt Gingrich’s campaign in its early days, today, he may have just buried it.Bloomberg News reports that Adelson, who has donated $11 million to Gingrich’s Super PAC, does not plan to send any more money Gingrich’s way. Bloomberg is citing an anonymous source “familiar with their deliberations,” though an Adelson spokesman declined to comment.
The move seems to be weeks in the making. After poor showings by Gingrich in the last several races and the re-resurgence of Rick Santorum, the former House speaker has once again been pushed to the back of the Republican field. And Adelson may be shifting his focus. According to CNN, Adelson met with Mitt Romney in Nevada last week and “assured Romney that he will be behind him 100 per cent should he become the nominee.”
What may be more alarming though is as money seems to be flooding out of the Gingrich camp, it appears to be heading into to Santorum’s, no doubt helped by his three-state sweep Tuesday.
In an earlier interview with Bloomberg, Foster Fries, a major donor to Santorum’s Super PAC, said money is “absolutely rolling in.” He also said that another donor just contributed $1 million to the fund.
Still, Gingrich’s SuperPAC is saying that it will keep pressing on, shifting to a more grassroots approach. Rick Tyler, senior adviser to the Super PAC, said that the organisation will be targeting smaller donors and amounts between $2,500 to seven figures.
“We will be fine,” he said. “Fundraising definitely has its ebbs and flows. We could get a check this afternoon.”
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