After effectively winning the Republican presidential nomination earlier this month, Donald Trump is now reportedly set to receive upwards of $100 million in campaign contributions from casino magnate Sheldon Adelson.
According to a report from The New York Times newspaper, Adelson pledged his financial support during a private meeting with Trump and campaign manager Corey Lewandowski at the St Regis Hotel in Manhattan two weeks ago. Eighty-two-year-old Adelson was in the city for a gala dinner to benefit the World Values Network and additionally decided to significantly scale back his giving to congressional Republicans in order to direct most of his contributions to groups dedicated to Trump’s campaign.
The Chairman and CEO for Las Vegas Sands Corporation, which owns numerous casinos around the world including The Venetian Macao, Marina Bay Sands and The Palazzo, Adelson is worth around $25 billion and has grown increasingly frustrated by congressional gridlock. The newspaper alleged that the billionaire now believes the only way to positively affect the country’s political system is to ensure a Republican president is elected in November.
This is not the first time that Las Vegas-based Adelson has financially backed Republican candidates as he contributed at least $98 million to 34 runners including Newt Gingrich in 2012, according to a study by ProPublica. He is now due to contribute the maximum allowable amounts direct to Trump’s campaign and the Republican National Committee with the remainder being funneled through a “super PAC”, which is permitted to accept unlimited donations.
For his part, 69-year-old Trump has so far financed his campaign by relying on a mix of his own wealth and small-dollar contributions. However, he stated that he may need upwards of $1 billion in order to defeat presumptive Democratic rival Hillary Clinton and it is thought that he will not be able to count on the support of some of the Republican Party’s wealthiest donors including billionaire brothers Charles and David Koch.