Republican megadonor Sheldon Adelson is planning to spend up to $50 million in an effort to help President Donald Trump overcome Democrat nominee Joe Biden in the November election, people familiar with the matter told CNBC on Wednesday.
Most of the money from Adelson is expected to be donated to the new pro-Trump super PAC, Preserve America. The casino executive’s team has reportedly contacted Republican officials close to Trump recently about the best and most effective places to use the cash.
Last month Axios reported that Adelson’s top advisor, Andy Abboud, told a group of GOP donors that the casino executive and his wife, Miriam, were planning to jump in to boost Trump’s campaign, saying “They are 110% behind the president. And that’s going to become apparent shortly.”
The New York Times had previously reported about a tense phone conversation the president had held with Adelson, accusing him of not doing enough to help his reelection bid.
Trump and the Republican National Committee raised $210 million last month, trailing Biden and the Democratic National Committee’s haul of $364.5 million over the same time period.
In addition, Democrat billionaire Mike Bloomberg has vowed to spend some $100 million backing Biden in crucial swing state Florida, while Trump’s Preserve America is in the middle of a $30 million ad blitz that is also partially targeting voters from the Sunshine State.