Tweet
MSNBC
Dec 24 2008
Adelson, Kerkorian make list of biggest billionaire losers
KVBC-TV
updated 7:29 p.m. ET Dec. 19, 2008
Their casino empires are still intact, but the country's economic
swoon has stripped away much of the luster from Nevada gaming moguls
Sheldon Adelson and Kirk Kerkorian.
Forbes magazine has placed both men at number one and number four,
respectively, on their list of America's Biggest Billionaire Losers Of
2008. The rankings, which include such distinguished billionaires as
Warren Buffett and Bill Gates, highlight the sinking fortunes of the
wealthiest men holding publicly traded stocks.
The Forbes article details the rapid decline of Las Vegas Sands shares
in 2007, to the point where the company needed a cash infusion from
Adelson's personal assets just to stay afloat. In recent days Sands
stock has begun to rebound, closing at $7.49 Wednesday, up from its
52-week low of $2.89 per share.
However, those numbers are nowhere near the 52-week high of $105.38.
Kerkorian, who owns a 53 percent stake in MGM Mirage, took a
double-hit in 2008. Gaming is down and so is Kerkorian's interest in
the Ford Motor Company. Another recent Forbes article speculates that
if Kerkorian had been patient when buying Ford stock, he would
currently own 50 percent of the company.
Jason R. Latham - Senior New Media Editor
Dec 24 2008
Adelson, Kerkorian make list of biggest billionaire losers
KVBC-TV
updated 7:29 p.m. ET Dec. 19, 2008
Their casino empires are still intact, but the country's economic
swoon has stripped away much of the luster from Nevada gaming moguls
Sheldon Adelson and Kirk Kerkorian.
Forbes magazine has placed both men at number one and number four,
respectively, on their list of America's Biggest Billionaire Losers Of
2008. The rankings, which include such distinguished billionaires as
Warren Buffett and Bill Gates, highlight the sinking fortunes of the
wealthiest men holding publicly traded stocks.
The Forbes article details the rapid decline of Las Vegas Sands shares
in 2007, to the point where the company needed a cash infusion from
Adelson's personal assets just to stay afloat. In recent days Sands
stock has begun to rebound, closing at $7.49 Wednesday, up from its
52-week low of $2.89 per share.
However, those numbers are nowhere near the 52-week high of $105.38.
Kerkorian, who owns a 53 percent stake in MGM Mirage, took a
double-hit in 2008. Gaming is down and so is Kerkorian's interest in
the Ford Motor Company. Another recent Forbes article speculates that
if Kerkorian had been patient when buying Ford stock, he would
currently own 50 percent of the company.
Jason R. Latham - Senior New Media Editor