Casino Tycoon Adelson Bets $5 Million on Gingrich
Casino billionaire tycoon Sheldon Adelson has donated $5 million to a political action group (PAC) backing Newt Gingrich as the Republican party presidential nomine to face President Barack Obama in November.
Adelson’s contribution gives a critical boost to Gingrich, who lost last week’s Iowa caucus after winner Mitt Romney spent millions of dollars on advertisements attacking him.
Adelson, owner of the free Yisrael HaYom Hebrew-language newspaper, is known to be a strong supporter of Prime Minister Binyamin Netanyahu. He also is a large contributor to the Birthright program that brings young Jews for their first-ever trip to Israel.
Gingrich recently aroused ire from the Palestinian Authority by stating that the concept of a “Palestinian people” is an invention and that all of the Land of Israel belongs to Israel.
Adelson, who grew up poor and made a fortune in the casino business, donated his money to Winning Our Future, a PAC that backs Gingrich. The Washington-based Politico website, which singlehandedly broke the campaign of Herman Cain by exposing alleged sexual harassment, reported that Adelson might be willing to increase his cash injection to as much as $20 million. Adelson’s worth is estimated at more than $20 billion.
However, sources said that if Gingrich does not win the GOP nomination this summer, he will back the winning nominee.
Personal donations to presidential campaigns are limited to $2,500, but there is no limit to contributions to PACs.