Miriam Adelson Swaps Las Vegas Sands Stake for NBA Team
LISTEN TO THIS ARTICLE:Miriam Adelson, widow of the late Sheldon Adelson, founder of Las Vegas Sands (LVS), has made a significant move by selling $2 billion of her LVS stake. It was an intentional sale, signaling a strategic shift toward sports with a planned purchase of a majority stake in the NBA's Dallas Mavericks.
Sands Sees Stars In Texas
The reported transaction involves Adelson paying team owner Mark Cuban $3.6 billion for this strategic partnership. If approved by the NBA Board of Governors, it would mark a significant development in the sports and entertainment landscape.
Related: Las Vegas Sands Release Strong Net Revenue for the Q2 of 2023While Adelson secures her role as potentially a majority partner, Cuban is expected to retain operational control of the Mavericks, ensuring continuity in the team's management and strategic direction. The deal is part of a broader collaboration between Cuban and LVS., with plans to coalesce efforts in constructing a resort casino and arena in Dallas, contingent upon the legalization of gambling in Texas.
This high-profile sale prompts questions about the long-term involvement of Adelson and her family in the sports franchise business. This is particularly interesting, given the legislative landscape surrounding gambling and casinos in Texas.
The failure of gambling and casino legislation to garner sufficient support among lawmakers over the past few years raises uncertainties about the future prospects of such ventures. The absence of a mandate to allow Texas citizens to vote on the legalization of sports wagering and casino resorts further complicates the potential trajectory of these ambitious plans.
Texas and Vegas Enjoy Strong Ties
The Texas connection to casinos extends beyond the Dallas Mavericks, with Houston Rockets owner Tilman Fertitta's Landry's, Inc. already having a footprint in the casino industry. The company owns Golden Nugget casinos across multiple states, including Nevada, New Jersey, Louisiana and Mississippi, showcasing the intersection of professional sports ownership and the gaming sector in the Lone Star State.
Forbes recently valued the Mavs at $4.5 billion, which means the price Adelson is paying covers about 75% of the valuation. However, neither she nor Cuban have provided details on the amount of the stake she is purchasing, only saying it's a majority stake.
As Adelson takes a bold step into the sports franchise arena, the unfolding partnership with Cuban and the Las Vegas Sands Corp. reflects a convergence of interests poised to reshape the sports and entertainment landscape in Dallas, contingent upon regulatory and legislative considerations. The deal's ultimate approval by the NBA Board of Governors will be a pivotal moment, setting the stage for a transformative collaboration at the intersection of sports and the gaming industry.
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