An entity connected to Las Vegas Sands Inc. purchased 108 acres of land across from Irving's Texas Stadium site months before the gambling empire patriarch signed a deal to take control of the Dallas Mavericks.
The land was sold in July to a limited liability company called Village Walk RE 2 LLC. State records show the LLC's taxpayer address is 5420 S. Durango Dr. in Las Vegas, which is also Sands' business address.
Suns majority shareholder Miriam Adelson and her son-in-law and Suns president Patrick Dumont shocked the basketball world two weeks ago by signing a $3.5 billion contract with Mavs owner Mark Cuban. gave. The deal still needs to be finalized and approved by the NBA Board of Governors.
It was not immediately clear what the Sands entity plans to do with the land, but the city of Irving has long sought a large-scale project for the site. Texas Stadium, the former home of the Dallas Cowboys, was demolished in 2010, and the site has since been used as a preparation area for highway construction.
Sands spokesman Ron Reese confirmed the acquisition, saying it is part of the company's long-standing interest in Texas and Dallas-Fort Worth.
“We build buildings of considerable size and scale,” Reese said. “This particular deal certainly gives us that opportunity, but there could be future purchases in this area.”
Reese said Sands has a clear desire to build an integrated resort in Washington, D-FW. He also said the purchase was unrelated to the Adelson family's deal with the Mavs, noting that they are separate entities and that the land purchase was made “a long time ago.”
“Sands purchased this in anticipation of a longstanding desire to build an integrated resort facility at some point,” Reese said. “…further purchases in the future are not surprising and are frankly expected.”
Efforts by Sands to expand gambling, including resorts, have stalled in the state Legislature for years, but progress was made in this year's legislative session. A bill that would have allowed voters to decide on their destination casino resort passed the full House before dying.
In July, Irving Economic Development Director Beth Bowman declined to identify the buyer. D Magazine He was the first to report his relationship with Sands.
“Yes, we are aware of the recent transactions,” she wrote in an email. dallas morning news at that time.
Reached Friday, Bowman said in an email that “our team cannot comment on specific details regarding this property.”
“We believe the stadium site is one of the most exciting development opportunities in the North Texas region and will drive the economic success of our city and region for generations to come,” city leaders said. “We are committed to unlocking its vast potential with innovative projects,” she said. she said.
The 108-acre site, connected to Sands Corp. by State Route 114 and Loop 12, was formerly the Central Freight Line's North Texas Trucking Terminal. A new $45 million bridge connects it to the former Texas Stadium site over SH 114.
The $355 million project, which will connect State Routes 114 and 183 to Loop 12, is expected to be completed in 2025.
The city's plan is to develop more than 400 acres of land, including about 80 acres occupied by the former Texas Stadium, into a mixed-use residential, retail and entertainment development. According to the city, the city-owned properties will be used as “corporate headquarters, international business districts, retail and service facilities, with a mix of residential buildings in a walkable urban environment and access to the region and the world.” Irving's website.
Cuban and Suns officials said they want to locate the Mavericks' new arena in a complex that could eventually include a casino resort. Cuban said he wants the new arena to remain in downtown Dallas and has no plans for the team to leave Dallas after the sale.
Earlier this week, some Dallas City Council members said they want the city to start working now to prevent the NBA franchise from moving. Members of the City Council's Special Committee on Professional Sports Recruitment and Retention say this includes opening new arenas for teams, and some are prepared to support Dallas' vision of a connected casino resort. It says that there are.
“I will say for the record that the team is not moving anywhere,” Cuban said. news on mail. “We are the Dallas Mavs.”
Dallas City Councilman Zarin Gracie, the chair of the special committee, said Friday that he had no comment on the deal, but said, “Dallas loves the Mavs and believes in Cuban's leadership and the commitment he and his team have to the community.” We are grateful for the many contributions he has made.”
“While ownership may change, Dallas remains the proud home of a champion,” Gracie said in a message. “We look forward to our Dallas Mavs playing and staying in our city for many years to come.”
the cuban said news They had hoped to work with the Suns to build an arena in the middle of a resort and casino in Dallas in December 2022. But Texas would first have to legalize gambling.
“Texas is such a great state that we need to become a destination. And this is how we can do that,” Cuban said at the time. “And if you partner with the Sands Corporation, there's literally no reason why you can't build a huge resort in the city of Dallas. There are a lot of places you can do that.”
The Mavs share the American Airlines Center with the NHL's Dallas Stars. Stars officials said the team hopes to remain at the arena for the time being. The Mavericks and Stars' arena leases expire in July 2031.
Research Editor Erin Sood contributed to this article.
