Chinese Bank Limits ATM Withdraws, Slashing Sheldon Adelson’s Net Worth by $3 Billion by the Forward

Chinese Bank Limits ATM Withdraws, Slashing Sheldon Adelson’s Net Worth by $3 Billion

There are some things only billionaires can do.

Like losing nearly $3 billion in one day.

That’s exactly what happened to Jewish casino mogul Sheldon Adelson, who woke up Thursday morning to find that his net worth, initially estimated at $28.6 billion, had just dropped by 12.8%.

Wait … What?

The answer, surprisingly, has to do with one Chinese bank’s decision to limit withdrawal from its ATMs in Macau, home to Adelson’s most profitable casinos. China’s UnionPay ATM cards are used by more than half of the Chinese visitors to Macau. The bank decided this week it would impose a ceiling of 5,000 patacas, the Macau currency ($626) for daily withdrawal. The reason behind the move is an attempt to limit flow of cash from mainline China to the Macau enclave.

How to Lose $3 Billion in One Day

For Adelson, this move spells bad news. Less money available at the ATM means less money in gamblers’ pockets, and lower revenues for the casino.

The good news for Adelson?

Even after the plunge he is still one of the richest people in the world.

How to Lose $3 Billion in One Day

Contact Nathan Guttman at or on Twitter @nathanguttman

Sheldon Adelson’s Net Worth Falls $3 Billion in One Day Following Chinese Bank ATM Rule Announcement


Nathan Guttman

Nathan Guttman

Nathan Guttman, staff writer, was the Forward’s Washington bureau chief. He joined the staff in 2006 after serving for five years as Washington correspondent for the Israeli dailies Haaretz and The Jerusalem Post. In Israel, he was the features editor for Ha’aretz and chief editor of Channel 1 TV evening news. He was born in Canada and grew up in Israel. He is a graduate of the Hebrew University of Jerusalem.

Your Comments

The Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. All readers can browse the comments, and all Forward subscribers can add to the conversation. In the interest of maintaining a civil forum, The Forward requires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not and will be deleted. Egregious commenters or repeat offenders will be banned from commenting. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and the Forward reserves the right to remove comments for any reason.

Recommend this article

Chinese Bank Limits ATM Withdraws, Slashing Sheldon Adelson’s Net Worth by $3 Billion

Thank you!

This article has been sent!