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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.
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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.
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Iran Says ‘Extremely Cautious’ on Success of Nuclear Talks with US
US President Donald Trump’s Middle East envoy-designate Steve Witkoff gives a speech at the inaugural parade inside Capital One Arena on the inauguration day of Trump’s second presidential term, in Washington, DC, Jan. 20, 2025. Photo: REUTERS/Carlos Barria
Iran and the United States have agreed to continue nuclear talks next week, both sides said on Saturday, though Iranian Foreign Minister Abbas Araqchi voiced “extreme cautious” about the success of the negotiations to resolve a decades-long standoff.
US President Donald Trump has signaled confidence in clinching a new pact with the Islamic Republic that would block Tehran’s path to a nuclear bomb.
Araqchi and Trump’s Middle East envoy Steve Witkoff held a third round of the talks in Muscat through Omani mediators for around six hours, a week after a second round in Rome that both sides described as constructive.
“The negotiations are extremely serious and technical… there are still differences, both on major issues and on details,” Araqchi told Iranian state TV.
“There is seriousness and determination on both sides… However, our optimism about success of the talks remains extremely cautious.”
A senior US administration official described the talks as positive and productive, adding that both sides agreed to meet again in Europe “soon.”
“There is still much to do, but further progress was made on getting to a deal,” the official added.
Earlier Omani Foreign Minister Badr Albusaidi had said talks would continue next week, with another “high-level meeting” provisionally scheduled for May 3. Araqchi said Oman would announce the venue.
Ahead of the lead negotiators’ meeting, expert-level indirect talks took place in Muscat to design a framework for a potential nuclear deal.
“The presence of experts was beneficial … we will return to our capitals for further reviews to see how disagreements can be reduced,” Araqchi said.
An Iranian official, briefed about the talks, told Reuters earlier that the expert-level negotiations were “difficult, complicated and serious.”
The only aim of these talks, Araqchi said, was “to build confidence about the peaceful nature of Iran’s nuclear program in exchange for sanctions relief.”
Trump, in an interview with Time magazine published on Friday, said “I think we’re going to make a deal with Iran,” but he repeated a threat of military action against Iran if diplomacy fails.
Shortly after Araqchi and Witkoff began their latest indirect talks on Saturday, Iranian state media reported a massive explosion at the country’s Shahid Rajaee port near the southern city of Bandar Abbas, killing at least four people and injuring hundreds.
MAXIMUM PRESSURE
While both Tehran and Washington have said they are set on pursuing diplomacy, they remain far apart on a dispute that has rumbled on for more than two decades.
Trump, who has restored a “maximum pressure” campaign on Tehran since February, ditched a 2015 nuclear pact between Iran and six world powers in 2018 during his first term and reimposed crippling sanctions on Iran.
Since 2019, Iran has breached the pact’s nuclear curbs including “dramatically” accelerating its enrichment of uranium to up to 60% purity, close to the roughly 90% level that is weapons grade, according to the U.N. nuclear watchdog.
US Secretary of State Marco Rubio said this week Iran would have to entirely stop enriching uranium under a deal, and import any enriched uranium it needed to fuel its sole functioning atomic energy plant, Bushehr.
Tehran is willing to negotiate some curbs on its nuclear work in return for the lifting of sanctions, according to Iranian officials, but ending its enrichment program or surrendering its enriched uranium stockpile are among “Iran’s red lines that could not be compromised” in the talks.
Moreover, European states have suggested to US negotiators that a comprehensive deal should include limits preventing Iran from acquiring or finalizing the capacity to put a nuclear warhead on a ballistic missile, several European diplomats said.
Tehran insists its defense capabilities like its missile program are not negotiable.
An Iranian official with knowledge of the talks said on Friday that Tehran sees its missile program as a bigger obstacle in the talks.
The post Iran Says ‘Extremely Cautious’ on Success of Nuclear Talks with US first appeared on Algemeiner.com.
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Palestinian Leader Abbas Names Likely Successor in Bid to Reassure World Powers
Palestinian Authority President Mahmoud Abbas attends the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. Photo: REUTERS/Hamad I Mohammed
Palestinian President Mahmoud Abbas named close confidant Hussein al-Sheikh as his deputy and likely successor on Saturday, the Palestine Liberation Organization said, a step widely seen as needed to assuage international doubts over Palestinian leadership.
Abbas, 89, has headed the Palestine Liberation Organization (PLO) and the Palestinian Authority (PA) since the death of veteran leader Yasser Arafat in 2004 but he had for years resisted internal reforms including the naming of a successor.
Sheikh, born in 1960, is a veteran of Fatah, the main PLO faction which was founded by Arafat and is now headed by Abbas. He is widely viewed as a pragmatist with very close ties to Israel.
He was named PLO vice president after the organization’s executive committee approved his nomination by Abbas, the PLO said in a statement.
Reform of the PA, which exercises limited autonomy in the West Bank, has been a priority for the United States and Gulf monarchies hoping the body can play a central role in resolving the Israeli-Palestinian conflict.
Pressure to reform has intensified since the start of the war in Gaza, where the PLO’s main Palestinian rival Hamas has battled Israel for more than 18 months, leaving the tiny, crowded territory in ruins.
The United States has promoted the idea of a reformed PA governing in Gaza after the war. Gulf monarchies, which are seen as the most likely source of funding for reconstruction in Gaza after the war, also want major reforms of the body.
CALL FOR HAMAS TO DISARM
Israel’s declared goal in Gaza is the destruction of Hamas but it has also ruled out giving the PA any role in government there. Israeli Prime Minister Benjamin Netanyahu has said he opposes the creation of a Palestinian state.
Hamas, which follows a militant Islamist ideology, has controlled Gaza since 2007 when it defeated the PA in a brief civil war after winning an election the previous year. It also has a large presence in the West Bank.
At a meeting of the PLO’s Central Council on Wednesday and Thursday that approved the position of vice president without naming an appointee, Abbas made his clearest ever call for Hamas to completely disarm and hand its weapons – and responsibility for governing in Gaza – to the PA.
Widespread corruption, lack of progress towards an independent state and increasing Israeli military incursions in the West Bank have undermined the PA’s popularity among many Palestinians.
The body has been controlled by Fatah since it was formed in the Oslo Accords with Israel in 1993 and it last held parliamentary elections in 2005.
Sheikh, who was imprisoned by Israel for his activities opposing the occupation during the period 1978-89, has worked as the PA’s main contact liaising with the Israeli government under Abbas and been his envoy on visits to world powers.
The post Palestinian Leader Abbas Names Likely Successor in Bid to Reassure World Powers first appeared on Algemeiner.com.
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3rd Round of Nuclear Talks Between Iran, US Concludes in Oman
Atomic symbol and USA and Iranian flags are seen in this illustration taken, September 8, 2022. Photo: REUTERS/Dado Ruvic/Illustration/File Photo
i24 News – The third round of talks between Iran and the United States over Tehran’s rapidly advancing nuclear program has concluded on Saturday, US media reported.
The two sides are understood to have discussed the US lifting of sanctions on Iran, with focuses on technical and key topics including uranium enrichment.
On April 12, the US and Iran held indirect talks in Muscat, marking the first official negotiation between the two sides since the US unilaterally withdrew from the Iran nuclear deal in May 2018 during President Donald Trump’s first term.
The second round of indirect talks took place in Rome, Italy, on April 19.
All parties, including Oman, stated that the first two rounds of talks were friendly and constructive, but Iranian media pointed out that the first two rounds were mainly framework negotiations and had not yet touched upon the core issues of disagreement.
According to media reports, one of the key issues in the expert-level negotiations will be whether Washington will allow Iran to continue uranium enrichment within the framework of its nuclear program. In response, Araghchi made it clear that Iran’s right to uranium enrichment is non-negotiable.
The US, Israel and other Western actors including the United Nation’s nuclear agency reject Iranian claims that its uranium enrichment is strictly civilian in its goals.
The post 3rd Round of Nuclear Talks Between Iran, US Concludes in Oman first appeared on Algemeiner.com.
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