Reuters: Politics: Billionaire Adelson to give $10 million to pro-Romney Super PAC: report

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Billionaire Adelson to give $10 million to pro-Romney Super PAC: report Jun 13th 2012, 18:41 WASHINGTON | Wed Jun 13, 2012 2:41pm EDT WASHINGTON (Reuters) - U.S. casino magnate Sheldon Adelson, whose millions helped prop up the now-defunct presidential bid of Newt Gingrich, is ready to give another $10 million to the Super PAC backing presumed Republican nominee Mitt Romney, the Wall Street Journal reported on Wednesday citing sources with knowledge of the matter. The donation would make the billionaire Las Vegas gambling mogul the largest donor to the so-called "super" political action committee (PAC) Restore Our Future. Restore Our Future does not comment on its donors or donations and Adelson's spokesman could not be reached for comment. Adelson and his family earlier this year shelled out $21.5 million to virtually single-handedly keep afloat the Super PAC backing former House of Representatives Speaker Gingrich. As Gingrich's campaign faded, people close to Adelson said his ultimate goal was defeat of Democratic President Barack Obama, meaning Adelson would throw his support, both political and financial, behind Romney. Late in May, Romney and Adelson met at Adelson's Venetian Hotel in Las Vegas, but no details of the meeting have been disclosed. By law, Super PACs and campaigns are not allowed to directly coordinate, allowing Super PACs freedom to raise and spend unlimited funds, while campaign donations are capped at $5,000 total, split between primary and general election. Candidates can encourage donors to give to supportive Super PACs, but their solicitations must be capped at the limits allowed for campaigns. Politically, Adelson, who is a director at the Republican Jewish Coalition, seeks a stronger U.S. defense of Israel's sovereignty and has called Obama's positions too soft. In a rare interview with Forbes magazine in February, Adelson also said he had concerns about Obama's economic policies. "What scares me is the continuation of the socialist-style economy we've been experiencing for almost four years," he said. "That scares me because the redistribution of wealth is the path to more socialism, and to more of the government controlling people's lives." (Reporting by Alina Selyukh; Editing by Cynthia Osterman) Link this Share this Digg this Email Reprints

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