Las Vegas Sun

March 29, 2024

Nevada billionaires see fortunes rise in first three months of the pandemic, Forbes reports

Adelson

Andrew Harnik / AP

Las Vegas Sands CEO and Republican megadonor Sheldon Adelson stands as he is recognized by President Donald Trump during a Medal of Freedom ceremony in the White House, Nov. 16, 2018.

Ten of the 11 billionaires who call Nevada home saw their fortunes increase or hold steady during the initial three months of the coronavirus economic crisis, Forbes estimates.

Sheldon Adelson, the chairman and CEO of Las Vegas Sands, has seen his fortune grow by 18% during the pandemic, from $26.8 billion in late March to $30.6 billion as of June 24, according to Forbes, which this week published a story about how the collective wealth of U.S. billionaires has surged by more than $584 billion from March 18 to June 17. During the same period, the magazine noted, $6.5 trillion in household wealth has disappeared.

Forbes says there are 2,095 billionaires worldwide including Adelson, who ranks 28th and is the richest Nevadan. In the United States, Forbes reported, there are 643 billionaires, including 29 people added to the ranks since the start of the pandemic.

An Americans for Tax Fairness analysis of Forbes data shows that the total net worth of U.S. billionaires climbed from $2.9 trillion to $3.5 trillion. During the same period, 45.5 million Americans filed for unemployment.

Among Nevada billionaires, brothers Frank Fertitta III and Lorenzo Fertitta of Station Casinos have each seen their net worth grow from $1.5 billion to $1.7 billion in the past three months. Former casino mogul Steve Wynn has held steady around $3.1 billion.

Phil Ruffin, the Treasure Island and Circus Circus owner, has seen the greatest jump in net worth by percentage among Nevadans, going from $2.5 billion to $3.6 billion, or a 44% increase.

Elaine Wynn, Steve Wynn’s former spouse, saw her net worth grow from an estimated $1.4 billion to $1.86 billion during the three-month period.

Many resort companies continued to pay employees during the coronavirus closures, including Wynn Resorts investing $250 million to pay 15,000 salaried, hourly and part-time workers through May 31. The properties reopened June 4.

“It is our shared responsibility to follow the direction of health and safety professionals to stay home and limit social contact,” Wynn CEO Matt Maddox said in a statement announcing the pay. “We owe it to each other, our families and to our community.”

At the Las Vegas Sands properties, employees, including workers at 15 partner restaurants inside the Venetian and Palazzo, received pay and benefits while those operations were closed.

“These employees are an important part of our family and experience,” Rob Goldstein, Sands chief operating officer, said in a statement. “During these unprecedented times, we are committed to doing what we can to help our culinary community, which is being hit particularly hard during this crisis.”

At Station properties, some employees were also paid through the closures, although others were furloughed. Station also donated 120 pallets of food to local charities in March and continues to host Three Square Food Bank distributions in its parking lot at Palace Station.

Nancy Walton Laurie, the Walmart heiress, was the lone Nevada billionaire to see her net worth decrease — by 2.5% to around $7 billion.

Andrew and Peggy Cherng, the Panda Express owners, are worth $3.1 billion, up from $2.3 billion. The couple formerly invested in the Mandarin Oriental on the Strip.

In Northern Nevada, Eren and Fatih Ozmen of aerospace company Sierra Nevada Corp. have held steady, each with a net worth of $1.4 billion.