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twitterAdelson, Wynn fall on Forbes’ list of richest Americans
Thu, Sep 18, 2008 (12:34 p.m.)
Sheldon Adelson
Las Vegas' richest man, Sheldon Adelson, fell 12 spots on Forbes’ 400 Richest Americans list, but he's still got about $15 billion to fall back on.
The Sands Corporation owner dropped from No. 3 to No. 15 on The Forbes 400 list. Adelson, who is behind resort giants The Venetian and Palazzo, has seen his company’s stock take a plunge since last fall.
"Rough year for Sin City's richest man," Forbes wrote in its description of Adelson. "America's third-richest man last year has seen (his) fortune dwindle by $13 billion; shares of his Las Vegas Sands casino company have fallen 65 percent since last October as gamblers stay home, Wall Street falls out of love with Macau."
Steve Wynn also made the list, but dropped from No. 86 on last year's list to No. 118 in 2008 with a net worth of $3.4 billion. Wynn has seen a 49 percent drop in his company's stock since last October.
Frank and Lorenzo Fertitta, the brother team behind the Station Casinos and Ultimate Fighting Championship, tied on the list at No. 377, each with a net worth of $1.3 billion. The Fertittas were the only casino owners to make a jump on the list (ranked No. 380 in 2007).
What does it take to creep into The Forbes 400 list? About $1.3 billion.
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This doesn't really come as any big surprise now does it? Why is it that some have more money than they could spend in not only their lifetime but also in the lifetimes of their children, grandchildren and great grandchildren while the lowly blue collar worker winds up paying to plug up all the tax loopholes these fat cats seem to find everytime they file THEIR income tax return? The rich get richer, the poor get poorer and the middle class get .......oh wait - the middle class is just about extinct now, isn't it.
What middle class? There is no middle class any longer. It's as extinct as the dinosaurs. I'm crying crock tears over their losses. NOT. Their losses will find a huge loophole in the tax system to recoup. Our pain, their gain.