“Born to immigrant parents and raised in a poor section of Boston, Mr. Adelson went from a teenager selling newspapers on a street corner to becoming one of the world's most successful entrepreneurs,” the company said in a statement.
Last week, Sands announced Adelson would be taking another medical leave of absence after resuming his cancer treatment.
Adelson and his wife Miriam were huge donors to President Trump - his biggest. They gave the most to his 2016 presidential campaign, his inauguration, his defense fund against Robert Mueller’s Russian interference investigation and Trump’s losing 2020 re-election campaign.
Adelson also gave big to Jewish organizations, including $410 million to Birthright, which pays for trips to Israel taken by young Jewish adults.
Adelson ranked #19 on Forbes net worth list as of Monday, with a total of $35 billion. He owned over half of Sands, which has casinos in Las Vegas, Singapore and Macao and China.
In pre-market trading Tuesday, Sands was trading at $56.75, up 0.60%, but has slumped 22% over the past year, as Covid shut down its casinos and gamblers have been reluctant to visit casinos.
Jefferies analyst David Katz in October reiterated his buy rating on the stock, while edging up his price target to $55 a share from $54, amid indications that the company “could be approaching break-even in Macau, coupled with the continued confidence [that] market access should progress in the coming months.”