Chinese Bank Limits ATM Withdraws, Slashing Sheldon Adelson’s Net Worth by $3 Billion

Sheldon Adelson Image by Courtesy of This World

By Nathan Guttman December 9, 2016

There are some things only billionaires can do.

Like losing nearly $3 billion in one day.

That’s exactly what happened to Jewish casino mogul Sheldon Adelson, who woke up Thursday morning to find that his net worth, initially estimated at $28.6 billion, had just dropped by 12.8%.

Wait … What?

The answer, surprisingly, has to do with one Chinese bank’s decision to limit withdrawal from its ATMs in Macau, home to Adelson’s most profitable casinos. China’s UnionPay ATM cards are used by more than half of the Chinese visitors to Macau. The bank decided this week it would impose a ceiling of 5,000 patacas, the Macau currency ($626) for daily withdrawal. The reason behind the move is an attempt to limit flow of cash from mainline China to the Macau enclave.

For Adelson, this move spells bad news. Less money available at the ATM means less money in gamblers’ pockets, and lower revenues for the casino.

The good news for Adelson?

Even after the plunge he is still one of the richest people in the world.

Contact Nathan Guttman at guttman@forward.com or on Twitter @nathanguttman

Nathan Guttman, staff writer, was the Forward’s Washington bureau chief. He joined the staff in 2006 after serving for five years as Washington correspondent for the Israeli dailies Haaretz and The Jerusalem Post. In Israel, he was the features editor for Ha’aretz and chief editor of Channel 1 TV evening news. He was born in Canada and grew up in Israel. He is a graduate of the Hebrew University of Jerusalem.

A message from our CEO & publisher Rachel Fishman Feddersen

I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.

The coming year promises to be filled with more complex and historic developments. We are entering an era where independent, fact-based Jewish journalism will be more important than ever. We need to be ready for whatever 2025 will bring, and with your help, we can be.

We’ve set a goal to raise $260,000 by December 31. That’s an ambitious goal, but one that will give us the resources we need to invest in the high quality news, opinion, analysis and cultural coverage that isn’t available anywhere else.

If you feel inspired to make an impact, now is the time to give something back. Join us as a member at your most generous level.

— Rachel Fishman Feddersen, Publisher and CEO