Billionaire Starts Foundation to Support Jewish Causes

Sheldon G. Adelson, who made a fortune building major gambling casinos, is establishing a foundation to support Jewish causes in America and Israel, promising to change the face of Jewish philanthropy, reports Haaretz, a newspaper in Israel.

Forbes magazine reported Mr. Adelson’s net worth to be $20.5-billion, making him the third richest person in the United States.

Mr. Adelson, 73, who lives in Las Vegas, plans to give more than $200-million annually to Jewish causes through his foundation. He and his wife, Miriam, recently gave $25-million to Yad Vashem, the Holocaust museum in Jerusalem, and are supporting the construction of Las Vegas’s first Jewish high school.

Gary Tobin, president of the Institute for Jewish and Community Research in San Francisco, says while Mr. Adelson may find it difficult to give at the rate he hopes, his giving will change the nature of Jewish philanthropy.

“Right now we do not have a living philanthropic leader in the Jewish community who is regularly giving mega-gifts—multiple gifts of $25-million or more—that inspire others to give higher and higher amounts,” Mr. Tobin told Haaretz.

The foundation will begin operating January 1, the newspaper said.