How casino billionaire Sheldon Adelson secretly spent $150million in futile bid to oust Obama

  • The 79-year-old tycoon funded several Republican candidates and affiliated groups during the race for the White House
  • His apparent aim was to unseat Obama and help Republican lawmakers take back control of Congress after the November 6 elections
  • It is three times more than the $54 million previously disclosed and 50 per cent more than the $100 million he once said he was prepared to spend

Casino billionaire Sheldon Adelson secretly pumped $150million into the Republican Party's presidential campaign in a futile bid to oust Barack Obama, it has been revealed.

The 79-year-old tycoon, whose vast casino empire is facing two federal criminal investigations, funded several Republican candidates and affiliated groups during the race for the White House.

The vast sum is three times more than the $54 million previously disclosed, and 50 percent more than the $100 million Adelson once said he was prepared to spend.

His apparent aim was to unseat Obama and help Republican lawmakers take back control of Congress after the November 6 elections, but his spending failed with Obama defeating Mitt Romney and the Democrats retaining the Senate.

Power: The 79-year-old tycoon, who owns a number of casino resorts across the world, funded several Republican candidates and affiliated groups during the race for the White House

Power: The 79-year-old tycoon, who owns a number of casino resorts across the world, funded several Republican candidates and affiliated groups during the race for the White House

The money bankrolled groups ostensibly working against Obama and in support of Republican presidential nominee Romney and other candidates who ran for Congress against members of the Democratic Party.

Adelson, whose fortune is estimated at $20 billion by Forbes magazine, is also being investigated by the US Justice Department over how his casino network is operated.

During the election he revealed in an interview that the Justice Department investigation, on top of the way he felt treated by prosecutors, was his the driving force behind the investment.

He has also said that a second Obama term would bring 'vilification of people that were against (Obama)'.

US President Barack Obama speaks at a campaign stop at the Delta Center in Milwaukee, Wisconsin, USA,
Republican presidential nominee Mitt Romney answers a question during the first presidential debate at the University of Denver

Foiled: His apparent aim was to unseat Barack Obama, left, and help Republican lawmakers take back control of Congress, but Obama defeated Mitt Romney, right, and the Democrats retained the Senate

Bright lights: Sheldon Adelson's vast gaming empire includes the 'Sands Macao' in Macau, one of the largest casinos in the world

Bright lights: Sheldon Adelson's vast gaming empire includes the 'Sands Macao' in Macau, one of the largest casinos in the world

Last week, his company reportedly approved a special dividend of $1.2 billion for Adelson and his wife - they own around 52 percent of Las Vegas Sands Corp. - in advance of an expected federal tax hike.

The two fundraisers quoted by the Huffington Post said Adelson shelled out between $30 million and $40 million to Crossroads GPS, a campaign group run by Karl Rove, former Republican president George W. Bush's top political aide.

He also paid at least $15 million to grassroots efforts with financial links to Charles and David Koch, the online news portal reported as well as $5 million to the US Chamber of Commerce and the Republican Jewish Coalition, which got the lion's share of its $6.5 million budget from him, it was said.

While US law places limits on the amounts that can be given directly to political candidates, a Supreme Court ruling in 2010 allows corporations, unions and individuals to make unlimited donations to arms-length groups.

The Citizens United ruling led to the creation of super-PACS (political action committees), such as GPS, that spent millions of dollars on campaigning though it was not officially endorsed by a specific candidate.

Adelson's company faces two investigations into its practices, though the charges do not directly concern him.

First is a money laundering investigation probing whether the casino broke the law by failing to report millions of dollars of potentially laundered funds that two gamblers transferred to its casinos.

The other involves allegations that Adelson’s lucrative casinos on the Chinese island of Macau may have violated the Foreign Corrupt Practices Act by paying bribes to Chinese officials to expand its operations there.