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Deyan Dimitrov December 8, 2023 3 min read
Adelson Completes $2 Billion Stock Sale, Paving the Way for the Dallas Mavericks Purchase
Dr. Miriam Adelson, the controlling shareholder of Las Vegas Sands Corp., disclosed the successful transaction in a filing with the Securities and Exchange Commission on Tuesday
Gambling industry stakeholders are keenly observing the details surrounding the Dallas Mavericks purchase, as it fueled speculations about the future of legalized gambling and sports betting in Texas. The deal should be completed by the year’s end as the team changes hands to the Adelson family, one of the gambling industry’s most famous billionaire magnates.
The Sale Provided Much-Needed Capital
Even with this new venture, Miriam Adelson will retain the majority shareholder position at Sands. As per the SEC filing, Sands board director Irwin Chafetz, a director of the company since February 2005 and a close friend of the late Sheldon Adelson, the founding chairman of Sands, acts as the trustee for the family’s shares.
This newest deal, initially announced in an SEC filing on 30 November, provides the financial means for Adelson to secure a majority ownership interest in the NBA franchise. Multiple reports suggest that the team will remain in Dallas, and the current owner, Mark Cuban, will continue overseeing basketball operations for the Mavericks.
The Mavericks Purchase Has Significant Implications
Miriam Adelson’s purchase of the majority stake in the Mavericks should be finalized by the year’s end. The deal requires approval from at least 75% of the NBA Board of Governors, consisting of the 30 team owners. If greenlit, Sands President and Chief COO Patrick Dumont, Miriam Adelson’s son-in-law, will join the Board of Governors as the Mavericks’ representative.
Sands has emphasized that ownership of the Mavericks will go directly to the Adelson family and will not impact the company. However, observers view this transaction as part of Sands’ strategy to persuade Texas legislators to take steps towards revising the state’s constitution, potentially allowing legalized gambling, thus advancing the company’s regional interests.
This Development Can Significantly Benefit Sands
Spearheading the introduction of legalized gambling in Texas would represent a significant victory for Las Vegas Sands as it reevaluates its market position and doubles down on its most promising markets. The company recently increased its stake in Sands China, bolstering its overseas presence. It counts on the region’s continued resurgence and the success of its high-profile Macau properties.
Despite Adelson’s efforts to separate the Dallas Mavericks deal from their primary Las Vegas Sands business, the purchase still has considerable implications on the broader gambling landscape. Many industry insiders believe the Mavericks can become the cornerstone of the Adelsons’ Texas efforts, significantly expanding their reach in the state.