How Adelson’s Cash Could Really Matter
There’s an old adage that states, “He’s the best politician money can buy.” It’s an admittedly cynical phrase that seems especially relevant in the super PAC era, with campaign cash playing as big a role as it ever has in political races.
But just how does that cash work? It’s a particularly important question here in Nevada, home to Sheldon Adelson, the pro-Israel, anti-tax casino owner with mega-resorts in Las Vegas, Macau and Singapore. Worth just shy of $25 billion, Adelson is the seventh richest man in the U.S., and the shifting legal landscape that gives more freedom to wealthy donors has been manna to him. Before Newt Gingrich’s presidential candidacy became as dead as the proverbial dodo, Adelson and his family donated about a combined $20 million to Gingrich.
And he’s not done giving. Adelson, who once told Forbes he was prepared to plow up to $100 million into Gingrich’s campaign, has now committed $5 million to a super PAC backing Republican House candidates.
In a recent Bloomberg View column, Ezra Klein of The Washington Post argues that’s likely to be a better investment of Adelson’s money.