Wednesday, 26 October 2016
Last updated 8 hours ago
May 31 2012 | 2:35am ET
Quantitative Investment Management founder Michael Geismar is turning his amazing run at a Las Vegas casino into a boon for his hometown's less fortunate.
Geismar won $710,000 in just two nights, playing blackjack at the Bellagio casino during the SkyBridge Alternatives Conference earlier this month. But instead of keeping it—Geismar had already invested the money—he and his wife have decide to donate it to his charitable foundation.
The MLG Foundation will send about $500,000 of the money to the PB & J Fund, another charity founded by the Geismars, which seeks to provide healthy food to people experiencing food insecurity in and around Charlottesville, Va., where QIM is based.
"There's a lot more poverty than you would think" in the home of the University of Virginia, Geismar told The Wall Street Journal. He noted that children of "food insecure" families often go without eating between free school lunches on Friday and Monday.
Geismar and his wife, Ellen, had been mulling the opening of a PB & J café to teach children to cook.
And if MLG should find itself in need of some more money, Geismar said, "I'll just go back to Vegas."