GGRAsia – Adelson, Wynn and ex-wife rise in Forbes 400 rankings

Adelson, Wynn and ex-wife rise in Forbes 400 rankings

Oct 11, 2016 Newsdesk Latest News, Macau, Top of the deck, World

Sheldon Adelson (pictured), founding chairman and chief executive of casino operator Las Vegas Sands Corp, moved up one place in the latest edition of the “Forbes 400 Richest People in America List”. His new ranking is 14, with a net worth estimated at US$31.8 billion.

According to Las Vegas Sands’ proxy statement filed in April, Mr Adelson, his wife – and trusts and entities representing the couple and other family members – held approximately 54.3 percent of the group’s outstanding common stock as of the reporting period.

The casino group’s U.S.-listed stock has produced a one-year return of 33.2 percent, according to Bloomberg data.

Las Vegas Sands is the parent of Macau casino operator Sands China Ltd. The parent also controls the Marina Bay Sands casino resort in Singapore.

Steve Wynn, founding chairman and chief executive of Wynn Resorts Ltd – one of Mr Adelson’s competitors in the Las Vegas casino market and the Macau casino market – rose 33 places in the “Forbes 400” 2016 rankings; to joint 246th place. His net worth is calculated to be US$2.7 billion.

According to the 2016 proxy statement of Wynn Resorts, filed in March, Mr Wynn held 11.8 percent of the casino group as of February 18. The U.S.-listed stock of Wynn Resorts – parent of Wynn Macau Ltd – generated an approximately 34.1 percent one-year return on investment according to Bloomberg data.

Mr Wynn’s ex-wife, Elaine Wynn, returns to the “Forbes 400” for the first time since 2014, in 361st position with a net worth of US$1.9 billion. But she ranks a more lofty 42 in terms of women on the “Forbes 400”; and 12th in terms of “America’s Self-Made Women”. According to the Wynn Resorts proxy statement, she held 9.4 percent of the casino group as of February.

Bloomberg News reported on Saturday that Ms Wynn – who was ejected from the Wynn Resorts board in April 2015 and has been in legal dispute with her ex-husband regarding the right to control her stake in the casino group – had asked the Nevada Supreme Court to grant her whistle-blower protection for disclosures she made to Wynn Resorts’ audit committee and outside auditor, regarding what she said were potential securities law violations by the casino operator.

Michael Weaver, a spokesman for Wynn Resorts, was quoted as saying in the Bloomberg report that the company “takes its obligations under all federal laws very seriously and is frustrated when those laws and valid protections are twisted and used to pursue a personal agenda”.