Building a Gambling Empire: The Sheldon Adelson Way
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Case Code: BSTR481 Case Length: 15 Pages Period: 1933-2015 Pub Date: -- Teaching Note: Available |
Price: Rs.600 Organization: Las Vegas Sands Corp. Industry: Gambling and Hotel Industry Countries: US, China Themes: Entrepreneurship, Business Strategy |
Abstract Case Intro 1 Case Intro 2 Excerpts
The Early Days
Adelson was born in August 1933 in Boston, US, in an area where crime rates were high and living conditions poor. An immigrant from Ukraine, his father worked as a taxi driver, making barely enough money to support Adelson and his three siblings, while his mother worked in a knitting shop. The family lived in a one-room tenement.
Even as a child, Adelson had a burning desire to somehow rise above these dire circumstances. He started taking up several small jobs from a very young age. Over the years, he worked in a Laundromat and in a grocery store, apart from working as a soda-jerk in a drugstore, a delivery boy in a kosher 8 butcher shop, and a newspaper delivery boy.
He was all of twelve years old when it dawned on him that if he wanted to make more money, he shouldn’t be just an employee; he needed to be a business owner. Consequently, he took a US$ 200 loan from his uncle to purchase the rights of the newspaper corner, where he had been working as a delivery boy. After some time, he took another loan for US$ 250 to acquire some more newspaper corners. When he was 16, he invested about US$ 10,000 to purchase candy vending machines...
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