Sheldon Adelson, the eighth richest man in the world, is giving $10 million to the pro-Romney super PAC Restore Our Future.
Adelson, who is worth an estimated $25 billion, supported Newt Gingrich's campaign to become the Republican presidential nominee for months. However, following the House speaker's withdrawal, the Casino mogul now looks to have shifted his allegiance to Romney.
The $10 million donation to Restore Our Future is the single largest ever made to the group, which is run by a number of former Romney aides and confidantes.
However, the huge donation is dwarfed by the amount Adelson previously gave to a super PAC supporting Gingrich. It is reported that he gave more than $20 million to that super PAC.
Restore Our Future, under the rules of the Federal Election Commission, is allowed to receive unlimited amounts from single donors. However, it must identify the donors publicly.
Adelson has admitted that he is against rich people being able to influence elections, but that hasn't stopped him giving millions to the Republican cause over recent months. He told Forbes magazine in March, "I'm against very wealthy people attempting to or influencing elections. But as long as it's doable I'm going to do it."
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Restore Our Future helped Romney launch a string of ads attacking his GOP rivals Rick Santorum and Newt Gingrich earlier this year. It is believed that the super PAC will now help to finance a new batch of ads targeting President Barack Obama, as Romney looks to wrestle swing states away from the Democrats.
Meanwhile President Obama continues his fundraising efforts; last month Hollywood actor George Clooney hosted a dinner at his Los Angeles home, which attracted 150 guests. Each guest paid $40,000 a ticket to attend and meet the president. That event alone reportedly helped raise the Obama campaign $15 million.
Now "Sex and the City" star Sarah Jessica Parker and husband Matthew Broderick, as well as Vogue magazine's editor-in-chief, Anna Wintour, have organized a campaign dinner for the president. The New York dinner is again selling tickets for $40,000 in efforts to raise funds for Obama.
However, Romney is picking up the pace with his own fundraising efforts, and June was the first month in which he overtook Obama in funds raised.