Hard times: LV billionaires take a beating in Forbes magazine's current list - Business

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Mar. 07, 2008
Copyright © Las Vegas Review-Journal

Hard times: LV billionaires take a beating in Forbes magazine's current list

By JENNIFER ROBISON
REVIEW-JOURNAL

Warren Buffett
Berkshire Hathaway chief snares No. 1 spot from Bill Gates

Sheldon Adelson
LV Sands top executive slips from No. 6 ranking to No. 12

A global survey of the wealthy shows 2007 wasn't a vintage year for Southern Nevada's richest residents and visitors.

Forbes magazine's list of the world's billionaires, on newsstands now, point to eroding assets or falling rankings for several of the dozen or so Las Vegas citizens and habitués flush enough to land on the roster.

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The latest list also shows Warren Buffett is now the world's richest man. Plus, the billionaires' roster welcomed two local first-timers.

Sheldon Adelson, the wealthiest Las Vegan on Forbes' list, fell from No. 6 on last year's list to No. 12 this year. The Las Vegas Sands Corp. chairman and chief executive officer's net worth slid from $26.5 billion to $26 billion in the year before Feb. 11, the magazine's research found.

Also losing ground in both net worth and Forbes ranking were eBay designer and Henderson resident Pierre Omidyar, Wynn Resorts Ltd. partner Kazuo Okada and Viacom owner Sumner Redstone, a frequent Las Vegas gambler.

Omidyar's net worth dropped from $8.8 billion to $7.7 billion, and his rank dropped from No. 76 to No. 120. Okada, who lives in Japan and also heads slot-machine maker Aruze Corp., went from No. 432 to No. 573. His net worth dipped from $2.2 billion to $2.1 billion. And Redstone's net worth tumbled from $8 billion to $6.6 billion, taking him from No. 86 to No. 137.

Members of the Fertitta family, who founded and own locals gaming company Station Casinos, debuted on the list this year.

Brothers Frank and Lorenzo Fertitta entered the roster at No. 897, with $1.3 billion each. In addition to Station, the Fertittas own the Ultimate Fighting Championship, a mixed martial arts league.

Thomas Barrack, the Colony Capital founder who helped the Fertittas take Station Casinos private in 2007 for $9 billion, is worth $2.3 billion, good enough for No. 524 on the Forbes list.

Sweets and commercial real estate proved lucrative businesses last year.

Three members of the family that owns Henderson chocolate maker Ethel M posted big gains in assets and rank. Forrest Edward Mars Jr., Jacqueline Mars and John Franklyn Mars saw their individual net worth rise from $10.5 billion to $14 billion, and their rankings go from No. 58 to No. 46.

And a faltering national real estate market didn't hurt Edward Roski Jr., owner of the Silverton hotel-casino and holders of 73 million square feet of commercial property in the south and southwest United States. Roski's net worth jumped from $1.8 billion to $2.3 billion, and pushed him up 33 spots to No. 524.

Carl Icahn, who sold the Stratosphere and Arizona Charlie's casinos in Las Vegas in February, dropped four spots to No. 46, even though his net worth edged up from $13 billion to $14 billion. Forbes' report shows Icahn's net worth roughly doubling from 2006, when he was worth $7.6 billion.

Net worth for Kirk Kerkorian, who owns 53.9 percent of MGM Mirage, also nearly doubled from 2006 to 2008, going from $8.9 billion two years ago to $16 billion as of Feb. 11. Kerkorian's No. 41 spot remained unchanged, as his net worth rose from $15 billion a year ago.

Forbes' 2008 list of billionaires identifies 1,125 people worldwide worth 10 figures, including 469 billionaires from the United States. Buffett, whose worth increased $10 billion to $62 billion, beat Microsoft founder Bill Gates. Gates, whose wealth grew $2 billion to $58 billion, had occupied the top spot for 13 years.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com or (702) 380-4512.

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Please enter your name Name: Please enter your email Email: Please enter a comment COMMENTS : (word count limit is 300) You have reached the maximum number of words allowed Current Word Count: Note: Comments made by reporters and editors of the Las Vegas Review-Journal are presented with a yellow background. Barney wrote on April 04, 2008 07:51 PM: Well Mr Fed Up It seems you have the answer to eternal wealth. Friend wrote on March 23, 2008 12:52 AM: Blessed are the poor...in the end it these ones who will suffer the most...Nibiru is coming and can be seen from the southern hemisphere already...Be ready folks...not materialistically but spiritually... George S. Polk wrote on March 10, 2008 08:04 AM: I think that Forbes needs to issue a public apology to Diane Hendricks, #368 on your billionaire list, of ABC Supply. Although Ken Hendricks was certainly a very dynamic and innovative individual who was the name and person behind the growth and development of ABC Supply, there can be no doubt the Diane was an equal partner in that relationship. By equal partner I do not simply mean a supporter of her husband and the person who tended to the children while Ken built the empire, although she did that also, I mean that Diane by all accounts was Ken's closest confidant, and definitely a person who's influence is widely felt throughout the organization. I believe that the apology owed is for the description of the source of her wealth as being "inheritance". Let's give credit where credit is due. George Polk and Tim Carnes TimeRanger wrote on March 07, 2008 01:09 PM: What is the purpose of this article - to make us feel sorry for these folks? Well, it ain't going to happen. Just in case anybody is wondering - If you have 1 billion dollars, you could give away $10,000 every single day, for almost 274 YEARS before you would run out. fed up wrote on March 07, 2008 11:19 AM: The minute I started reading this article I knew that when I scrolled down to see the comments they would be negative because they always are in the comment section. I would suggest that maybe you stop B____ing and may go to the library and pick up one of Mr. Buffett's book and read it! I would suggest that you go out and buy his books but that would give you another reason to B!@@#$. Maybe if you took $50 and started investing after you read one of his books (yes that is all it takes to buy high quality blue chip stock that pays dividends)you wouldn't all be as broke as you are crying about. It may not seem like much but it's a start and if you reinvest those dividends the cheque's get bigger over time. Get off your ass and take responsibility for your life. I can't wait for the attack I'm going to get. Mark$ wrote on March 07, 2008 09:58 AM: Let's pass the hat for Sheldon Adelson! How else will he continue buying Republican politicians for his ALL ISRAEL ALL THE TIME war-mongering! David wrote on March 07, 2008 09:44 AM: Brothers Frank and Lorenzo Fertitta entered the roster at No. 897, with $1.3 billion each. In addition to Station, the Fertittas own the Ultimate Fighting Championship, a mixed martial arts league. The Fertitas should be proud of themselves. They layed off hundreds of employees and now they have reached the Forbes list of billionaires. Now they are on two lists of Forbes. The Fertitas paid Forbes to get on the list of best companies to work for and the employees paid to get the Fertitas on the Forbes list of billionaires. Eric wrote on March 07, 2008 07:19 AM: I am sure we will all sleep better knowing all these people are having a tough time balancing their checkbooks as we common folk go to the grocery store and local gas station.