As Republican lawmakers issued their condolences to Sheldon Adelson’s family following the billionaire casino mogul’s death at 87, many in the fundraising world were already asking how it might affect future GOP campaigns.
Those who work in consulting and fundraising for Republican candidates have long whispered about the day Adelson, who has donated hundreds of millions of dollars to conservative candidates and causes over the years, would finally pass. In 2020 alone, Adelson and his wife, Miriam Adelson, gave $172.7 million to GOP-related causes, including tens of millions to the efforts to reelect President Trump.
The Adelsons also gave tens of millions of dollars to funds focused on helping the GOP retain the Senate, with $50 million, the largest single donation by far, to the Senate Leadership Fund and $532,500 to the National Republican Senatorial Committee.
“We’ve always relied on Adelson. When he’s gone, it’s all over,” said one NRSC staffer. “The whole fundraising strategy has been relying on a handful of donors. With one gone, it’s a huge blow.”
From 2019 to 2020, the couple donated nearly $220 million to various GOP politicians and political action committees, making them the largest individual donors in the country. In second place was Michael Bloomberg, who gave more than $152 million to various Democratic causes.
Adelson leaves behind a fortune with an estimated worth of anywhere between $33 billion to nearly $40 billion, thanks to his sprawling casino empire. Much of that will be allocated to his wife, although U.S. Securities and Exchange Commission filings from him reveal that he’s given at least $8 billion to his family since 2013 by exploiting an Internal Revenue Service loophole that allows individuals to avoid paying estate taxes on large inheritances.
“It’s a huge loss. Sheldon was a tremendous resource from the Republican National Committee all the way down. He contributed tens of millions of dollars on House races,” said GOP consultant Susan Lilly, who advises candidates on fundraising efforts. “I think the dynamic of fundraising has to change. We have to utilize every opportunity for donors at the same level of support of Sheldon. It is incumbent on each officeholder, each elected official, to go out and campaign and fundraise on their own and not be dependent on one source. It’s no different than Democrats hugely reliant on Bloomberg. They have the same issues.”
Whether Republican candidates decide to move on from the Adelsons altogether or begin cultivating deeper relationships with his wife and five children is a question sure to dominate internal discussions by GOP consultants and politicians in the coming months. Adelson is survived by five children, two of whom are in their early 20s.
All five of Adelson’s heirs are registered Republicans, and his wife has been credited with influencing Sheldon’s political views, particularly on backing hard-right Israeli politicians. Miriam Adelson served as a finance vice chairwoman for Trump’s inauguration in 2017 and received the Presidential Medal of Freedom from Trump in 2018. In October 2020, the Adelsons gave a last-minute $75 million cash infusion to a pro-Trump PAC after reports that the Trump campaign was rapidly falling behind Biden in television ad spending.
Despite proving instrumental in Trump’s 2016 victory, and providing crucial aid to his legal defense fund during Special Counsel Robert Mueller’s investigation, those familiar with GOP finances going forward remain concerned that the party finds itself without sufficient “whales” to infuse candidates with cash.
Those concerns predate the recent attack on Capitol Hill by supporters of the president, those familiar with GOP deliberations say, but recent announcements by a litany of corporations refusing to donate money to politicians who objected to the Electoral College certification have made them that much more urgent. High-profile donors already faced the risk of a massive left-wing shame campaign, but Trump’s conduct since losing his reelection to President-elect Joe Biden risks spooking wealthy conservatives even further.
Much of Trump’s two presidential campaigns were fueled by grassroots supporters donating at some of the lowest average dollar amounts any Republican presidential candidate had seen for decades. But that ultimately proved insufficient, as Biden outraised Trump by $250 million by Election Day.
“There will be every effort made with the Adelson family to build new relationships,” Lilly said. “But we have to bring more people to the table and encourage more people to get involved with their dollars and their energy. I do think there are a lot of opportunities that Republicans have to break new ground with new donors. Especially with this freshman class, they’ve all raised considerable funds.”
