Hotel And Gaming Mogul Chases Bill Gates For 'Richest American' TagHotel And Gaming Mogul Chases Bill Gates For 'Richest American' Tag

When Microsoft's Bill Gates, the richest man in America, took the stage at the Venetian Hotel and Casino at last week's International Consumer Electronics Show in Las Vegas to tout the competitiveness of Microsoft's new product lineup, a look over his shoulder at the Venetian's owner, Sheldon Adelson, would reveal another competitor.

In this case, the competition is in the race to be the country's richest man. Adelson has roared out of the gates in recent months to become the country's third richest man, and he's gaining rapidly on Gates. (In second place is Gates' good friend Warren Buffett, who's giving away much of his fortune.)

In Forbes Magazine's Billionaires report last September, Adelson was said to be getting richer faster than anyone before him in history. Through his Las Vegas Sands Corp., which operates the Venetian, Adelson was making $23.6 million a day. Adelson would pass Gates in 2012 at that rate, according to many estimates.

But Adelson's relatively new ventures in Macau and pending operations— all with gambling and trade show overtones—in Singapore have been pumping up Las Vegas Sands Corp. stock, and along with it Adelson's wealth, so he could overtake Gates sooner.

Adelson is well-known to computer people as the man who developed the computer trade show Comdex, which resembles the CES extravaganza in many respects. Adelson sold the show along with other assets to Japan's Softbank in 1995 for about $800 million, according to media reports at the time.

While gambling and trade shows have been Adelson's trademark businesses in recent years, he got his start in similar fashion to Gates: He invested in several computer and electronics firms, most of them in his native Boston. Most of these eventually failed, but Adelson was off and running.

At the CES show, Gates riveted the standing room attendees at the Venetian's 3,500-seat ballroom with his talk of the convergence of PCs, TVs, cell phones, and video-gaming consoles. They all represent competition—and opportunity—to Microsoft. But it's Adelson, host to the talk, who represents another form of financial competition to Gates.