RSS
Miriam Adelson slashed her philanthropy as casinos closed due to Covid. Now, her business empire is recuperating
(JTA) – The casino company controlled by Jewish megadonor Miriam Adelson is paying its shareholders dividends again, potentially paving the way to a rebound for the family’s foundation.
The Adelson Family Foundation — founded by Adelson and her late husband, Sheldon Adelson — has been a prolific giver to Jewish organizations, including Birthright Israel. The couple was also active in politics, supporting Republican campaigns. But after the casino industry flat-lined early in the pandemic, Adelson donations to charitable and political causes declined.
Assets held in the family’s charitable trust dropped from more than $200 million before the pandemic to $37 million in 2021 as it distributed money to the foundation and other causes without being replenished, according to records filed with the IRS.
The foundation’s grantmaking dropped to $80 million in 2021 from $100 million the year before and $117 million in 2019, according to IRS records. The foundation had only about $6 million in reserves at the end of 2021. More recent numbers are not yet available.
The dip in giving has had a significant impact. The Birthright program, for example, saw its funding from the Adelson Family Foundation cut by half in each of the past two years, with a corresponding drop in free trips for young Jews to Israel.
Now, Adelson’s business prospects appear to be improving. Her Las Vegas Sands Corp. announced that it would pay dividends to shareholders for the first time in more than three years as the company begins to recover from the pandemic-related downturn in global travel and hospitality. Adelson’s own personal payout is expected to be about $87 million for the quarter, a substantial sum but still a fraction of what she and her husband were regularly collecting before the pandemic.
It’s unknown whether or when the cash infusion will spell a restoration of funding for the various organizations that have seen a drop in support from Adelson over a period of several years, which has included Sheldon Adelson’s death at 87 more than two years ago. Adelson’s representatives said she is not giving interviews at the moment; Michael Bohnen, president of the Adelson Family Foundation, declined to comment.
The list of organizations that have been buoyed by Adelson’s support is long and varied. It includes right-wing advocacy groups like the Maccabee Task Force Foundation, which operates on college campuses; the Israeli-American Council and Zionist Organization of America; U.S. fundraising groups benefiting the Israeli military; the Yad Vashem Holocaust museum and memorial in Jerusalem; and the Adelson Family Campus, a large Jewish day school in Las Vegas, where Adelson lives.
Jonathan Sarna, a professor of American Jewish history at Brandeis University, said he is confident in the Adelson family’s commitment to the charities it has supported. “The Adelson family has played a pivotal role in Birthright Israel and in the organization of the large community of Israelis in the U.S. through IAC,” he said. “They have also contributed to countless other Jewish philanthropic endeavors, including Jewish day schools and the Jewish community of Las Vegas. I have no doubt that the family will continue its tradition of philanthropic generosity.”
Andrés Spokoiny, president and CEO of the Jewish Funders Network, said the Jewish philanthropic world doesn’t rise or fall because of any one donor, even a philanthropist as prolific as Adelson. “The funding landscape is diverse and there is no sense of dependence on a single donor,” he said.
The Adelson name is also big in Republican politics: The couple broke a record for the most donations in an election cycle in 2020, with almost $173 million in campaign contributions. But the 2022 midterm election saw the newly widowed Adelson give only a fraction of that, with no contribution at all to the Republican Jewish Coalition, whose top patron became WhatsApp founder Jan Koum, who gave a $1.35 million donation to RJC’s Super PAC.
The reinstatement of dividends was made possible by increased visitation to Sands casinos in Macao and Singapore in recent months, which generated revenues of $2.5 billion for the second quarter, double what they were a year ago. Executives at the company said business still hasn’t returned to pre-pandemic levels, suggesting room for further growth.
“In Macao, we were pleased to see the ongoing recovery now underway in all gaming and nongaming segments progress during the quarter,” Sands Chairman and CEO Rob Goldstein said during a conference call on July 19 with investors. “We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macao’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macao.”
As a result of Sands’ profitability, the company is paying shareholders a dividend of 20 cents per share. Adelson’s roughly 57% stake is valued at more than $35 billion, placing her among the 40 richest people in the world according to Forbes.
Under Miriam Adelson, Sands has been lobbying to legalize gambling in Texas and is pursuing a bid for one of three licenses to operate a casino in New York.
Sheldon Adelson, who founded Las Vegas Sands and served as its CEO as it grew into an international gambling and resort empire, died in January 2021, living long enough to see Sands revenues plummet because of Covid-related lockdowns. The following year, the company, now controlled solely by Miriam, sold its marquee Las Vegas properties, The Venetian and the Sands Expo and Convention Center, for $6.5 billion in a bet on its Asian casinos and resorts.
It’s not the first time the Adelson empire has faced and recovered from economic headwinds. Adelson had begun expanding in Asia ahead of the 2008 financial crisis, borrowing heavily to finance the construction of new casinos and hotels. The company had lost billions as a result of the timing and the Adelsons paused much of their giving for a few years.
Whether Miriam Adelson desires to shift philanthropic priorities following the death of her husband remains unknown. The 77-year-old, an immigrant to the United States from Israel and a naturalized American citizen, earlier this year criticized the judicial reform being pursued by the government of Israeli Prime Minister Benjamin Netanyahu, which was notable because of the Adelsons’ long-standing support for Netanyahu.
Compared to her husband, Miriam has kept out of the public spotlight, with a significant exception in 2018, when Donald Trump awarded her the Presidential Medal of Freedom, the nation’s top civilian honor. A profile of her in the Guardian shortly afterward suggested that she had been far more influential in the couple’s activities than many realized.
“Everybody says it’s Sheldon, but it’s Miriam,” Michael Cherry, a board member of the Las Vegas addiction recovery clinic that the Adelsons founded, was quoted as saying.
Together with her husband, Miriam was the largest donor to Trump’s 2016 presidential bid. But she has not yet announced support for Trump this time around as he seeks to win the Republican nomination and get reelected in 2024. Earlier this year, Trump’s rival, Florida Governor Ron DeSantis, was reportedly courting Adelson and other Jewish conservative donors. DeSantis and Adelson were seen seated together at a dinner in Jerusalem. But Adelson has reportedly said that she does not plan to make an endorsement in the primary.
—
The post Miriam Adelson slashed her philanthropy as casinos closed due to Covid. Now, her business empire is recuperating appeared first on Jewish Telegraphic Agency.
RSS
Iran Says Eight Arrested for Suspected Links to Israel’s Mossad Spy Agency
The Mossad recruitment ad. Photo: Screenshot.
Iran’s Revolutionary Guards said on Saturday they had arrested eight people suspected of trying to transmit the coordinates of sensitive sites and details about senior military figures to Israel’s Mossad, Iranian state media reported.
They are accused of having provided the information to the Mossad spy agency during Israel’s air war on Iran in June, when it attacked Iranian nuclear facilities and killed top military commanders as well as civilians in the worst blow to the Islamic Republic since the 1980s war with Iraq.
Iran retaliated with barrages of missiles on Israeli military sites, infrastructure and cities. The United States entered the war on June 22 with strikes on Iranian nuclear facilities.
A Guards statement alleged that the suspects had received specialized training from Mossad via online platforms. It said they were apprehended in northeastern Iran before carrying out their plans, and that materials for making launchers, bombs, explosives and booby traps had been seized.
State media reported earlier this month that Iranian police had arrested as many as 21,000 “suspects” during the 12-day war with Israel, though they did not say what these people had been suspected of doing.
Security forces conducted a campaign of widespread arrests and also stepped up their street presence during the brief war that ended in a US-brokered ceasefire.
Iran has executed at least eight people in recent months, including nuclear scientist Rouzbeh Vadi, hanged on August 9 for passing information to Israel about another scientist killed in Israeli airstrikes.
Human rights groups say Iran uses espionage charges and fast-tracked executions as tools for broader political repression.
RSS
Body of Idan Shtivi, Murdered on Oct. 7, Retrieved from Gaza in Special IDF Operation
Idan Shtivi. Photo: Courtesy of the family
i24 News – The body of Idan Shtivi, a 28-year-old murdered by Palestinian jihadists at the Nova music festival on October 7, 2023, was recovered in a joint operation by the IDF and Shin Bet in central Gaza, it was cleared for publication on Saturday.
Shtivi’s remains were returned to Israel alongside the body of Ilan Weiss, another hostage killed during the October 7 massacre.
“Idan Shtivi was abducted from the Tel Gama area and brutally murdered by Hamas terrorists after acting to rescue and evacuate others from the Nova music festival on October 7th, 2023. He was 28 years old at the time of his death,” read an IDF press release.
“Following an identification process conducted at the National Center for Forensic Medicine, along with the Israel Police and the Military Rabbinate, the Hostages and Missing Persons Headquarters notified his family.”
Prime Minister Benjamin Netanyahu said Shviti “was a gifted student of sustainability and governance, and a courageous individual” who acted heroically on October 7, helping others flee.
“He was killed in the process and his body was abducted to Gaza by Hamas. My wife and I send our heartfelt condolences to the Shtivi family. So far, 207 hostages have been returned, 148 of them alive. We will continue to act tirelessly and decisively to bring back all our hostages—living and deceased.”
RSS
Woman Stabbed at Ottawa Grocery Store in Latest Antisemitic Attack
A social media post by the alleged attacker, Joseph Rooke of Cornwall, Ontario. Photo: Screenshot via i24
i24 News – The stabbing of a Jewish woman at an Ottawa grocery by a man with a long history of antisemitic posts on social media, the latest antisemitic hate crime in Canada, sparked outrage and prompted condemnation from officials including the prime minister.
Both the victim and the attacker are in their 70s. The woman is reportedly in serious condition.
The suspect was identified as Joseph Rooke, who has authored a series of lengthy rambling screeds on social media, ranting against Israel and Jews.
“Judaism is the world’s oldest cult,” he writes in one post, going on to say “over time jews have become insidious in governments, businesses, media conglomerates, and educational institutions in order to do what they do better than anyone else. Jews are the world’s masters of propaganda, gaslighting, demonization, demagoguery, and outright lying. Using their collective wealth they have become masters of reprisal.”
“I am under no obligation whatsoever, legal, moral, or otherwise, to like jews and I do not. If that means I meet the jewish definition of an anti-semite, so be it.”
Canada has seen a steep spike in antisemitic attacks over the past two years, including a recent incident in Montreal where a Hasidic Jew was beaten in front on his children.
After Prime Minister Mark Carney condemned the incident, many, including former Israel’s ambassador the US Michael Oren, pointed out that Carney’s rhetoric and policies contribute to the increasing insecurity of Canada’s Jewish community through uncritical embrace of outrageous and easily disprovable allegations that Israel and its supporters were guilty of the worst crimes against humanity.