Washington (CNN) - Nevada billionaire and major Republican donor Sheldon Adelson is ready to show his support for the super PAC supporting Mitt Romney.
He will give at least $1 million and possibly more to the group in his "first round of donations," a source familiar with the matter confirmed to CNN.
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Adelson and his family were the chief benefactors behind the super PAC backing Newt Gingrich's presidential campaign, Winning Our Future, donating more than $20 million.
When Gingrich, a longtime friend with Adelson, bowed out of the race in April, political analysts began wondering when Adelson would financially back Romney's bid.
The casino magnate has previously told associates he would strongly back whoever emerged as the Republican nominee, pointing to his primary aim of making sure President Barack Obama loses re-election.
While Adelson is now said to be fully committed to Restore Our Future, he first had other matters on his plate, including the fight to defend Republican Gov. Scott Walker against a recall effort in Wisconsin.
Adelson has not yet made the donation to the group, according to the source. And a spokesman did not return calls seeking comment.
Politico first reported that Adelson was ready to donate.
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Adelson appears to now feel more comfortable showing his support for the presumptive GOP presidential nominee. He hosted a lunch for Romney last week at his office in Las Vegas while the candidate was in town for campaign events. Several sources said the two men got along very well during the meeting, which lasted more than an hour.
Later that night, Gingrich and Adelson, joined by Romney, attended a donor's reception for his campaign. At that event, Gingrich urged Adelson to give to Restore Our Future, CNN has learned.
Adelson has previously discussed giving as much as $100 million this election cycle. Many groups would love to have a piece of that pie. Along with any future contributions to super PACs, he has said some of his support may go to a Republican advocacy group.