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June 3, 2012

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Forbes: Casino billionaires are feeling economic pinch

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Wednesday, March 11, 2009 | 10:57 p.m.

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Forbes magazine is out with its annual ranking of the world's billionaires and the new list confirms that the recession has not been kind to Las Vegas casino titans.

Forbes estimates Las Vegas Sands Corp. Chairman and Chief Executive Sheldon Adelson's net worth is $3.4 billion, and ranks him No. 178 on the list of 793 billionaires. That's down from his ranking of No. 12 last year, when Forbes pegged his worth at $26 billion.

Investor Kirk Kerkorian, who controls MGM Mirage, is estimated to be worth $5 billion, down from $16 billion a year ago as the price of MGM Mirage stock -- like that of other big gaming companies -- has crumbled. Forbes estimates the value of his MGM Mirage stock alone declined $9 billion from last year.

Steve Wynn of Wynn Resorts is estimated to be worth $1.5 billion, down from $3.9 billion.

Frank Fertitta III and his brother Lorenzo Fertitta of Station Casinos, both estimated to be worth $1.3 billion last year, did not make this year's list. But one of their partners in the company, Thomas Barrack of Colony Capital, is on the list with an estimated worth of $1 billion, down from $2.3 billion.

In all, Forbes said the number of billionaires declined from 1,125 to 793 as the economic slowdown decimated stock values. The world's richest person, Forbes said, is Microsoft Chairman Bill Gates, estimated to be worth $40 billion. That's down $18 billion from a year ago.

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