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Silvia Pavlof December 11, 2023 3 min read
Las Vegas Sands Affiliate Acquires Land in Irving Ahead of Mavericks Deal
In July, Village Walk RE 2 LLC, with an address matching Sands' business address in Las Vegas, acquired the 108-acre property opposite the former Texas Stadium site
In a move that adds intrigue to the recent acquisition of a majority stake in the Dallas Mavericks by Las Vegas Sands Corp. matriarch, Miriam Adelson, it has come to light that an entity linked to the gaming giant purchased a significant parcel of land in Irving, Texas, just months prior to the high-profile sports deal.
Village Walk RE 2 LLC’s Acquisition Signals Sands’ Strategic Move Near Former Texas Stadium Site
The 108-acre property, located across from the former Texas Stadium site, was procured by a limited liability corporation named Village Walk RE 2 LLC in July, according to state records. The LLC’s address, 5420 S. Durango Dr. in Las Vegas, coincides with the business address of Sands, indicating a clear association between the two entities as reported by The Dallas Morning News.
While the intended use of the acquired land remains undisclosed, city officials in Irving have long sought a standout project for the area, envisioning a transformational development. The former Texas Stadium site, which was demolished in 2010, has been in use as a highway construction staging area.
Ron Reese, a spokesperson for Sands, affirmed the purchase, emphasizing the company’s enduring interest in the Texas and Dallas-Fort Worth region. Reese clarified that the acquisition was independent of the Adelson family’s Mavericks deal and was made with the anticipation of realizing Sands’ long-standing goal of constructing an integrated resort property in the D-FW area.
Efforts to expand gambling, including Sands’ envisioned resorts, have faced obstacles in the state legislature for years, but recent progress during the legislative session signals a potential shift. Sands remains committed to its vision of an integrated resort in the area and hints at future acquisitions in the region.
Irving Wants to Transform 108-Acre Property from Trucking Terminal to Urban Oasis
Irving’s economic development director, Beth Bowman, refrained from divulging details about the buyer back in July, but now acknowledges the transaction. She emphasized the city’s enthusiasm for developing the former stadium site into a mixed-use space, encompassing housing, retail, and entertainment.
The 108-acre property, previously a North Texas trucking terminal, is connected to the old Texas Stadium site by a new $45 million bridge. The city plans to develop over 400 acres, including the former stadium site, into a vibrant urban environment.
Mark Cuban, the current owner of the Dallas Mavericks, expressed interest in collaborating with Sands to build a new arena in Dallas, potentially integrated with a casino resort. However, legislative approval for gambling in Texas remains a prerequisite for realizing this ambitious vision.
As Sands continues to shape its footprint in the region, the recent land acquisition and the Mavericks deal have ignited speculation about the future of legalized gambling and sports betting in Texas.
Analysts suggest that Texas, a substantial untapped market, could benefit from gambling tourism, with the Adelson family’s political and financial clout potentially playing a pivotal role in pushing for legislative changes.