Cash-strapped Donald Trump gets boost as casino magnate Sheldon Adelson gets ready to spend as much as $50 million in final stretch of election
- President Donald Trump will get a cash infusion from casino magnate Sheldon Adelson, CNBC reported Wednesday
- Adelson will give between $20 and $50 million to a Trump-aligned super PAC, as Trump’s campaign and the Repubican Party could see money too
- Adelson’s pledge came after Trump visited Las Vegas, but the Trump campaign declined to comment on whether the two businessmen met
- The president and Republicans squandered their financial advantage, with Democrat Joe Biden breaking records in political fundraising in August
- Biden will also be helped by Democratic billionaire Michael Bloomberg, an ex-rival, who pledged to donate $100 million of his riches to flip the state of Florida
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CNBC first reported Adelson’s plans, with the multi-billionaire expected to give the bulk of the money to a new pro-Trump super PAC called Preserve America.
The Trump campaign, the Republican National Committee and other groups supportive of electing Republicans could also see some of Adelson’s dollars.
Billionaire Sheldon Adelson will commit between $20 million and $50 million to Trump-aligned groups after news broke that the president and Republicans squandered their financial advantage to Joe Biden and the Democrats
Trump (left), photographed Tuesday with Israeli Prime Minister Benjamin Netanyahu (right), visited Las Vegas over the weekend as he makes a play for Nevada, but his campaign declined to comment on whether he and Adelson met
Adelson (left) and Trump (right) were photographed together at the 2019 Israeli American Council National Summit in Florida. Adelson has had significant clout in the Republican Party, donating millions to GOP candidates
Adelson’s team has been in touch with Republican officials close to the president about where best to deploy the funds, according to a CNBC source.
Last weekend, Trump visited Las Vegas, Adelson’s city of residence and where his Las Vegas Sands Corportation is headquartered.
The Trump campaign declined to comment to DailyMail.com on whether the two businessmen met while the president was on the ground.
The president is making a play for Nevada, a state he lost to Democrat Hillary Clinton in 2016 by under 2.5 points.
But he also has to defend against Democratic gains in states he won in 2016.
On Sunday, billionaire Democrat Michael Bloomberg committed to dropping at least $100 million to help Trump’s rival, former Vice President Joe Biden, flip the state of Florida.
That news comes after Biden’s campaign announced a record-breaking fundraising haul of $364.5 million in the month of August – the month Biden announced Sen. Kamala Harris as his running mate and headlined a virtual Democratic National Convention.
Meanwhile, the Trump campaign and the Republican Party raised $210 million in August.
Earlier this month, The New York Times published a deep dive on how the Trump campaign squandered its financial advantage, burning through more than $800 million out of the $1.1 billion the campaign had raised from the beginning of 2019 through July 2020.
The Times found that about $350 million, nearly half of all money spent, went to finding more donors – and the campaign spared no expense.
The report also documented some of the campaign’s sillier expenses, including $156,000 for planes pulling aerial banners – a move often used to troll Democrats at their events.
The campaign also gave $110,000 to a company called Yondr, which provided magnetic pouches to the campaign for attendees of fundraisers to stow their cell phones in so no video or audio recordings could be made.