Gambling Moguls Crapping Out In This Economy


Looks like the house is finally losing.

Vanity Fair:

  • Sheldon Adelson, the cranky chief of Las Vegas Sands [LVS]. Since hitting a high of $144.25 in October 2007, LVS stock has completely cratered, closing this past Friday at just $5.11. Adelson’s own shares, once worth nearly $27 billion, today are worth less than $1 billion.
  • MGM Mirage [MGM] owner Kirk Kerkorian’s stake in his company was worth once worth $16.4 billion. Today those shares are worth just $1.6 billion, a decline of nearly $15 billion.
  • Steve Wynn is taking it where it hurts (though he indicated otherwise to the New York Times). Wynn’s ownership in Wynn Resorts [WYNN], valued at $4.3 billion late last year, today is worth less than $1 billion. But there is a bright spot. Whereas most casino stocks are down more than 90 per cent from their peaks, Wynn Stock is off just 70 per cent. In these tough times, a drop of 70 per cent is considered getting off easy.
  • Nevada’s Boyd family, the majority owner of Boyd Gaming [BYD] once controlled shares worth $1.6 billion. The family, led by executive chairman William Boyd, will now have to make do with just $124 million.
  • Donald Trump. As The Donald is quick to point out to anyone that dares ask, his holdings in Trump Entertainment Resorts [TRMP] are but a drop in his net worth bucket. But even Trump has to cringe when he runs the maths on that investment. After reaching their high of $23.47 in December 2006, Trump stock is now wallowing around 25 cents a share—a 99-per cent drop in value.