After practically bankrolling Newt Gingrich’s run for the GOP presidential nomination, casino billionaire Sheldon Adelson is splashing his cash on behalf of Mitt Romney.
According to sources, Adelson is planning on donating $10 million to the Romney-backing super PAC Restore Our Future. During the Republican primaries, Adelson and his family gave $20 million to Gingrich’s super PAC, who fell short of the nomination.
This donation further boosts Romney’s already healthy fundraising numbers, and should worry Obama. Obama’s supporters don’t seem to have nearly as deep of pockets as Romney backers. Adelson is the eighth-richest man in the world, with an estimated net worth of $25 billion, so this $10 million may well be just the beginning of his generosity to Romney.
For those who might be surprised the former Gingrich supporter is now in Romney’s corner, don’t be. Sources close to the billionaire say that even as he was forking over millions of dollars to Gingrich’s super PAC, he was still comfortable with Romney as a candidate.
In fact, we may never know how generous Adelson is. He has announced that any further donations he might make would likely go to a 501c4 group, which does not have to reveal its donors. Most likely, Adelson would be giving to the GOP-supporting Crossroads GPS group.
– Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
Want to share your own views on money, politics and the 2012 elections? Drop us a line at firstname.lastname@example.org and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication.