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Nevada casino mogul Sheldon Adelson, the largest single contributor to the Presidential hopes of former speaker of the house Newt Gingrich, closed his checkbook after Gingrich lost the Florida primary to GOP frontrunner Mitt Romney.
As a result, Gingrich’s campaign is practically broke and is left scrambling for campaign cash.
Adelson and his family donated $11 million to Gingirch through the Winning Our Future political action committee in the two months leading up to the Florida primary and the casino billionaire single-handedly funded the former speaker’s media blitz that led to his upset victory over Romney in South Carolina.
But sources close to the Adelson family tell Capitol Hill Blue that the donations stopped after Gingrich’s lackluster debate performance in the Florida primary campaign and Romney’s convincing win.
“Mr. Adelson did not get where he is by making bad investments,” says financial analyst Robert Watkins. “He saw he wasn’t getting a substantial term and stopped wasting money.”
Writes Jayon Choe in Business Insider:
While billionaire casino mogul Sheldon Adelson may have rescued Newt Gingrich’s campaign in its early days, today, he may have just buried it.
Adelson may be looking to protect his investment. CNN reported he met with Romney in Nevada last week and assured the former Massachusetts governor that he will support him “100 percent” is he becomes the GOP nominee.
Gingrich finished either third or last in last week’s contests in Minnesota, Colorado and Missouri and hoped to resurrect his struggling campaign with a strong showing at the Conservative Political Action Conference but Romney won the CPAC straw poll and Gingrich finished a district third, barely edging out last-place finisher Ron Paul.
Then he finished dead last in Saturday’s Maine caucus.
“Stick a fork in Newt. He’s done,” says one long-time GOP consultant.
Of course, they have said that before and Gingrich has found a way to bounce back. GOP insiders, who start chewing their nails every time he comes back from the political dead, aren’t convinced they’ve heard the last of Newt.