Sharks Of Gambling Industry. Part 1.
Below is a MRR and PLR article in category Recreation Sports -> subcategory Gambling Casinos.
Sharks of the Gambling Industry: Part 1
Introduction
The gambling industry, a massive global phenomenon, owes much of its success to certain key individuals. Opinions on these trailblazers can vary widely?"some see them as visionary entrepreneurs, while others criticize their methods. What’s undeniable is their extraordinary talent and business acumen. Let’s explore the lives and achievements of two major players: Sheldon Adelson and Kirk Kerkorian.Sheldon Adelson
As one of the wealthiest figures in the gambling industry, Sheldon Adelson’s story is a testament to the classic American dream. Born in 1933 in Boston to a poor Jewish-Ukrainian immigrant family, Adelson began working at an early age, earning his first income by selling newspapers. Despite having little formal education, he became a leading financier in the United States, revitalizing over 50 companies during his career.One of Adelson’s earliest ventures was in IT technology; he founded the international COMDEX technology expo, which he sold to Japanese interests in 1995 for $860 million. In 1989, he entered the gambling market by purchasing the historic “Sands” casino hotel in Las Vegas, formerly owned by Frank Sinatra. Realizing the limitations of simply owning a casino in Vegas, he transformed the area into an international business hub by establishing the Sands Expo and Convention Center.
Adelson's visionary move came in 1991 with a $1.5 billion investment in creating the "Venetian," a lavish casino-hotel catering not just to gamblers but also to global business leaders. The Venetian, renowned for its grandeur, features more than 4,000 rooms, 18 restaurants, and its own shopping emporium, all set against a backdrop of Venetian canals.
In 2004, Adelson expanded into Asia with the opening of the Venetian Macao. By 2006, he secured permissions to build a casino in Singapore, with a projected investment exceeding $3 billion. According to Forbes, Adelson's net worth stood at $16.1 billion, ranking him 14th among the world's wealthiest individuals.
Kirk Kerkorian
Kirk Kerkorian, another giant of the gambling industry, is often described as a living legend and one of the founding figures of modern Las Vegas. Born in 1917 in Fresno, California, to Armenian immigrants, Kerkorian initially pursued a career in boxing before developing a passion for aviation. During World War II, he served as a pilot for the British Royal Air Force.After the war, Kerkorian entered the business world, purchasing a small airline in 1947, which he later sold in 1968 for $108 million. Recognizing Las Vegas's potential, he bought 80 acres on the bustling Las Vegas Strip in 1962. This strategic investment coincided with a gambling boom, leading to the creation of iconic venues like Caesars Palace on his land, from which he profited significantly.
In 1967, Kerkorian expanded his holdings with another 82 acres, where he built the International Hotel, the world's largest hotel at the time. To attract visitors, he enlisted the legendary Elvis Presley for a series of concerts. By the early 1970s, Kerkorian had also acquired the Flamingo casino, which he sold to Hilton.
A pivotal moment came in 1973 when Kerkorian purchased MGM film studios and launched the MGM Grand, then the world's largest hotel and casino. Today, Kerkorian’s corporation, Tracinda, retains a controlling interest in MGM Mirage, with properties in Nevada, New Jersey, and Macao. Beyond gambling, he holds a 10% stake in General Motors, securing his place as the 53rd wealthiest person globally with a net worth of $8.7 billion according to Forbes.
These individuals exemplify the mix of risk-taking, innovation, and strategic investment that drive success in the gambling industry. Their legacies continue to shape the world of casinos and entertainment.
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