Posted: January 3, 2024, 05:11.
Last updated: January 3, 2024, 05:15 hours.
The Adelson and Dumont families acquired the title to significant real estate in the Dallas area with their purchase of a large portion of the Dallas Mavericks.
A family with ties to the Las Vegas Sands (NYSE: LVS) will own more than 12 acres in the Dallas Design District as part of a deal to acquire approximately 70% of the NBA franchise from current minority owner Mark Cuban. has been changed. The land, located near downtown Dallas, includes the Mavericks’ practice facility.
Cuban was previously rumored to have wanted to use the land as the team’s new arena. For tax purposes, the land is valued at $42.9 million, according to county records.
Last week, the NBA approved the sale of a majority stake in the Mavericks to the families of Dr. Miriam Adelson, Sivan Dumont and Patrick Dumont. Adelson is the widow of Sands founder Sheldon Adelson, and Patrick Dumont is her son-in-law and chief financial officer of the largest publicly traded gaming company.
The Adelsons and Dumonds are experts in real estate.
In an interview after his NBA approval, Cuban acknowledged that real estate is not one of his core competencies and that the Adelsons and Dumont know more about the business than he does. Dumont currently serves as the Mavericks’ representative on the NBA Board of Governors, but Cuban retains control of basketball operations.
There is some truth to that claim. With Sheldon Adelson at the helm of the Las Vegas Sands and Dumont in the top role, the gaming company maintained control of all of its assets. As a result, it was able to reap large profits when it sold domestic assets such as local casinos in Pennsylvania and holdings on the Las Vegas Strip.
When Sands sold the Venetian Resort and Sands Expo and Convention Center for $6.25 billion in early 2021, $4 billion of that price went to VICI Properties (NYSE: VICI), which purchased related real estate assets. Absorbed.
It’s not yet clear whether Adelson and Dumont’s group will be able to pull off such wonders on the Dallas property, and what their plans are for the property. The Mavericks are committed to playing at American Airlines Center until 2030. The team shares its venue with the NHL’s Dallas Stars.
Description of important real estate
The aforementioned Dallas property, currently owned by the Adelson/Dumont consortium, is a 108-acre tract of land near Texas Stadium in Irving, Texas, purchased last July by a limited liability company (LLC) connected to the Las Vegas Sands. is not related to.
Although Mr. Adelson remains the Sands’ largest individual shareholder and Mr. Dumont remains employed by the gaming company, they own the Mavericks and are not the casino operator. So far, no NBA teams have been involved in the aforementioned Irving deal.
However, the deal raised speculation that the Sands remain committed to bringing casino resorts to Texas and may partner with Cuban in such ventures. He has long said he wants to bring an integrated resort to the Dallas area and LVS is his preferred partner.