Sheldon Adelson’s Las Vegas Sands Posts Record Q1 Earnings With Windfall From GOP Tax Bill
Republican mega-donor Sheldon Adelson spent $82.5 million in the last election cycle; gets $670 million corporate tax payback
Adelson More Than Doubles His Own Salary
FOR IMMEDIATE RELEASE:
Monday, April 30, 2018
Washington, D.C. — Not One Penny spokesman Tim Hogan released the following statement on Sheldon Adelson’s business’s multimillion dollar windfall from the GOP tax bill:
“Sheldon Adelson may have given Republicans hundreds of millions of dollars in campaign cash but boy have they returned the favor. Thanks to the GOP tax bill, Adelson’s casino company saw a tax benefit windfall of $670 million.’ Since then, Adelson has even gone ahead and more than doubled his own executive compensation from $12.7 million to $26 million.”
Thanks to the TrumpTax plan, Sheldon Adelson’s Las Vegas Sands Corporation got a first-quarter income tax benefit of $670 million.
The Las Vegas Sands posted record Q1 earnings of $1.5 billion — a 31 percent increase and $465 million more than what it posted in Q1 of last year — largely attributable to the company’s Trump tax windfall
Sheldon Adelson more than doubled his own personal executive compensation in 2017 to $26 million — up from $12.7 million the year before.
The company also announced a $75 million share buyback in the first quarter, a boon to shareholders, who in this case are mostly company insiders: the Adelson family holds a majority of the company’s shares.