Sands’ Adelson Made Calls on Stimulus Bill But Won’t Take Loans

(Bloomberg) -- Sheldon Adelson, the politically connected founder of Las Vegas Sands Corp., made calls to contacts in Washington to spur passage of the $2 trillion stimulus bill, but won’t be seeking loans for his company.

Adelson, one of the world’s richest men and largest contributors to Republican political campaigns, pushed to help small and midsize companies because he sees those businesses as the backbone of the economy, the company said Wednesday in a statement.

He didn’t lobby for any particular version of the stimulus or for any gaming-industry provisions.

“We have no plans to seek government loans,” the company said.

Casinos are one of many distressed sectors that are expected to take advantage of the stimulus package, which is still working its way through Congress. Representatives of the industry, including MGM Resorts International’s then-Chief Executive Officer Jim Murren, met with President Donald Trump in the White House last week to lobby for aid.

The most recent version of the bill bans stock buybacks and dividends, and curbs executive pay for companies that seek government loans.

Sands said last week that while the company closed its two Las Vegas resorts, it was still paying employees and hadn’t cut staff.

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