Miriam Adelson and Family Selling $2 Billion in Las Vegas Sands Stock to Buy Majority Stake in Dallas Mavericks
Dr. Miriam Adelson is selling $2 billion in Las Vegas Sands stock to purchase a majority stake in the NBA’s Dallas Mavericks. It’s a surprising move that stunned the sports and gambling worlds alike, especially since Las Vegas is the headquarters of the family’s empire.
Las Vegas is a major destination for sports, hosting the NHL’s Golden Knights and NFL’s Raiders. This has sparked interest in adding an NBA team to the city, which would come with a hefty price tag.
Selling Las Vegas Sands stock to invest in the Mavericks is quite a bold move for the Adelson family. They’re also looking to expand their reach in Texas, pushing for the legalization of gambling in the state.
Investing in the Mavericks allows the Adelsons to strengthen their ties to Texas, with the potential to gain influence and support for a casino license. This strategy mirrors the approach Las Vegas Sands is taking in New York, where it’s lobbying for a new casino license.
The Adelsons’ investment in the Mavericks could pay off handsomely, given the potential of the NBA team in Texas. This aligns with the family’s history of making smart investments in sports assets.
The potential buyout comes as the value of NBA teams continues to soar. Dallas Mavericks owner Mark Cuban purchased the team for $285 million in 2000, and it’s now valued at $4.5 billion, according to Forbes.
Las Vegas Sands’ strategy to sell shares and invest in sports teams suggests it has a long-term vision for the company. The move could position the Adelsons to benefit from emerging opportunities in the sports and gambling industries.
It’s clear that Miriam Adelson and her family aren’t shying away from ambitious investments and strategic maneuvers. Their foray into the world of professional sports is just one small part of their overall plan, which seems to be focused on diversification and expansion.
The sale of Las Vegas Sands stock and the potential purchase of the Mavericks are part of a larger, calculated effort to position the Adelson family for success in Texas and beyond. Only time will tell if their gambit pays off, but it’s clear they’re willing to take big risks to achieve their goals.