{"id":300984,"date":"2023-11-29T16:01:35","date_gmt":"2023-11-29T22:01:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=300984"},"modified":"2023-12-01T09:13:23","modified_gmt":"2023-12-01T15:13:23","slug":"adelson-mavericks-confirm-shes-buying-majority-stake-in-team","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/adelson-mavericks-confirm-shes-buying-majority-stake-in-team\/","title":{"rendered":"It\u2019s Official: Miriam Adelson Taking Control of Dallas Mavericks"},"content":{"rendered":"

Following rampant speculation on Tuesday, Dr. Miriam Adelson and the Miriam Adelson Trust announced Wednesday that they have entered into a binding pact to acquire a majority share of the NBA\u2019s Dallas Mavericks.<\/p>\n

\"Sportradar
Dallas Mavericks owner Mark Cuban. It was made official Wednesday that Dr. Miriam Adelson will acquire a majority stake in the team, funded by the sale of some of her Las Vegas Sands equity. (Image: Steve Jennings\/Getty Images)<\/figcaption><\/figure>\n

Rumors surfaced Tuesday when Las Vegas Sands (NYSE: LVS), the gaming company founded by Miriam\u2019s late husband, Sheldon Adelson, announced she and her family trust were selling $2 billion worth<\/a> of the casino operator\u2019s stock.<\/p>\n

In a filing with the Securities and Exchange Commission (SEC), Sands said Adelson would be using proceeds from the share sale to fund the purchase of a majority interest in an unidentified sports franchise.<\/p>\n

Soon after news of the equity sale hit the wires, rumors surfaced that the team in question was the Mavericks. That was confirmed Wednesday by the buyers.<\/p>\n

The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks,\u201d<\/strong> according to a statement.<\/p><\/blockquote>\n

Dumont references LVS President and COO Patrick Dumont and his family. He\u2019s Miriam Adelson\u2019s son-in-law. Pending approval by the NBA\u2019s Board of Governors, the Adelson and Dumont families are expected to take majority control of the Mavericks from current owner Mark Cuban before the end of this year. The Shark Tank<\/em> star will remain with the team, overseeing basketball operations.<\/p>\n

Adelson Share Sale News Hit Sands Stock<\/h2>\n

Before news of the share sale, Adelson and her family entities controlled about 57% of LVS stock. That figure will decline by approximately 10% as she funds the purchase of her interest in the Mavericks.<\/p>\n

\n

Specifically, the $2 billion share sale represents 46.26 million shares. Sands announced that the offering was priced at $44, well below the Tuesday closing price of $47.66. As a result, the stock slumped 4.87% Wednesday on volume over six times the daily average, extending its year-to-date decline to 5.68%. The gaming company said Tuesday it will repurchase up to $250 million<\/a> of the shares Adelson is selling.<\/p>\n<\/div>\n

The extent to which the Adelson and Dumont families are involved in basketball decisions remains to be seen. Still, they have the financial resources to potentially attract and retain some of the NBA\u2019s biggest stars.<\/p>\n

Additionally, Patrick Dumont\u2019s investment banking background and previous role as chief financial officer (CFO) of Sands could prove advantageous in navigating the complex world of the NBA salary cap, if only on an ad hoc basis.<\/p>\n

Transaction Stirs Plenty of Speculation<\/h2>\n

Clarity on the Adelson\/Mavericks transaction has added fuel to the Texas gaming expansion rumor mill, with chatter over the past 24 hours largely focusing on the possibility of casino resorts and sports wagering coming to the second-largest state.<\/p>\n

Those are separate issues. For his part, Cuban has made clear<\/a> he\u2019d like to work with Sands to develop a Dallas-area entertainment district anchored by a casino hotel and a new arena for the Mavericks.<\/strong><\/p>\n

Politicians would need to approve casino gaming, something they failed to do in this year\u2019s legislative session, before the matter can be put to Texas voters.<\/p>\n

As for sports wagering, Texas bettors shouldn\u2019t get their hopes up simply because the largest Sands shareholders are entering the state via the Mavs acquisition. Under Sheldon Adelson and the current leadership regime, the operator has largely eschewed online sports wagering<\/a>, opting to focus on its luxury land-based casino hotels.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following rampant speculation on Tuesday, Dr. Miriam Adelson and the Miriam Adelson Trust announced Wednesday that they have entered into a binding pact to acquire a majority share of the NBA\u2019s Dallas Mavericks. Rumors surfaced Tuesday when Las Vegas Sands (NYSE: LVS), the gaming company founded by Miriam\u2019s late husband, Sheldon Adelson, announced she and […]<\/p>\n","protected":false},"author":46,"featured_media":187948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,83079],"tags":[81903,81966,81033],"acf":[],"yoast_head":"\nAdelson, Mavericks Confirm She's Buying Majority Stake In Team<\/title>\n<meta name=\"description\" content=\"It\u2019s Official: Adelson Taking Control of Dallas Mavericks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/adelson-mavericks-confirm-shes-buying-majority-stake-in-team\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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