Quote of the day:
Near default three years ago,
As the economy weakened, gamblers cashed out and companies canceled conventions. Adelson’s $5 billion credit line, predicated on staying beneath 7.5 times cash flow, began careening toward default. The result was mutiny: Weidner, the president, went over the head of his boss, the CEO and majority owner. “I said to the board, ‘Join with me, I’ve lost confidence in him, he’s not making rational decisions,’” says Weidner. “It was the biggest knucklehead move ever.”
So he lent the company $475 million. “I could have easily folded up and not put in a penny. But the company was not in bad shape, it was in good shape ... the fundamentals of the company never changed,” says Adelson, a mantra he had repeatedly chanted to analysts and journalists during the market doldrums.
Most likely because Adelson knew what he was sitting on. Yes, he blew it by not refinancing in 2007. “The company could have owned the world if he listened,” says Weidner. But Adelson also knew that if he could finish the mines—cost-cutting, a Chinese IPO, new management in Asia and rounds of refinancing eventually got him over the hump—gold was a five-letter word: China.
While he didn’t know it then, he was climbing a ladder directly to Sands. The corporate matchmaking led to brokering commercial mortgages back in Boston. Again, Adelson was on the outside: The major loan business, he recounts, happened between family and college cliques in the town’s private clubs— clubs that barred Jewish street guys like Adelson. Instead, he courted suburban banks too small to issue sizable commercial loans and formed syndicates.
Under lackadaisical Portuguese rule billionaire Stanley Ho had a four-decade monopoly on Macao’s gambling industry, starting in 1962, and the small island became a sordid mix of money-laundering, prostitution, drugs, organized crime and day-trippers who would stand at the tables for 14 hours at a time, sleep in stairwells, buy nothing but the ferry ticket and sometimes end up dead in the gutter if they didn’t pay their gambling debts.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Billionaires in the US fared better than billionaires generally in 2018—here's whyThe world had fewer billionaires in 2018, Wealth-X reports, and total billionaire wealth declined by 7%.
और पढो »
U.S. poised to double tariffs on $200 billion of Chinese imports, escalating U.S.-China trade warU.S. poised to more than double tariffs on $200 billion of Chinese imports, escalating trade war; talks expected to resume Friday
और पढो »
U.S. tariff increase on $200 billion of Chinese imports takes effectTrump admin. raises import taxes on $200,000,000,000 of Chinese imports from 10% to 25%. China's Commerce Ministry said it would take 'necessary countermeasures,' but gave no details.
और पढो »
Chinese envoy says U.S. trade talks haven't broken downPresident Donald Trump issued a statement Friday saying the stiff tariffs his administration imposed 'may or may not be removed' while trade talks continue.
और पढो »
U.S. hikes tariffs on Chinese goods, China says to strike backU.S. President Donald Trump's tariff hike on $200 billion of Chinese goods takes effect by davelawder
और पढो »
Here’s the hit U.S., Chinese and global economies could face as trade battle heats upThe U.S.-China trade spat is set to intensify as the Trump administration plans to more than double tariffs on $200 billion of Chinese imports and extend...
और पढो »
U.S. blocks Chinese state-owned telecom giant out of security concerns, threatens more scrutinyU.S. officials on Thursday blocked a Chinese state-owned telecom company from operating here and offering phone services to American customers, while sounding fresh fears that Beijing seeks to snoop on U.S. communications networks.
और पढो »
Trump doubles tariffs on $200 billion of Chinese imports, escalating U.S.-China trade warThe tariffs took effect at 12:01 a.m. Friday, with trade talks expected to continue.
और पढो »