Weeks after Las Vegas Sands majority shareholder Miriam Adelson acquired majority ownership of the NBA's Dallas Mavericks, the company more than quadruples the Sands' previous footprint on the Las Vegas Strip. Acquired land near Texas City.
On Friday, Las Vegas Sands spokesman Ron Reese confirmed that: dallas business journal The company reported that an affiliate has acquired eight parcels totaling 259 acres in the Dallas suburb of Irving.
The land is near the now-demolished Texas Stadium, the former home of the NFL's Dallas Cowboys, and is adjacent to two major highways, Route 114 and Loop 12. It's also close to Dallas-Fort Worth International Airport, his second busiest airport in the country.
“The land purchase is accurate and the company may decide to purchase additional properties.” [Dallas-Fort Worth] We will expand into this region in the future,” Reese wrote in an email.
The company's plans for the site could include a basketball arena. Adelson sold $2 billion worth of Suns stock earlier this month to pay for an undisclosed majority stake in the team valued at $3.5 billion, giving him control of 52% of the team.
The combined size of the lots is more than four times larger than the 63 Ace Las Vegas Strip site where the company built The Venetian, Palazzo and Venetian Expo.
There are no casinos or sports betting in Texas, but that doesn't mean Las Vegas Sands hasn't tried. The company has pushed casino legislation in Texas over the past decade, spending more than $12 million combined in the past two legislative sessions lobbying for ultimately unsuccessful casino legalization efforts.
Company officials have not said the land has anything to do with potential Texas gaming legislation (lawmakers meet for 140 days every two years, with the next session in 2025), but List and others say such a large site will give Sands the opportunity to plan other ventures. Golf courses, luxury homes, and other developments around playgrounds that may attract tourists.
Las Vegas Sands no longer operates casinos in the United States after selling its stake in the Strip for $6.25 billion in February 2022. The company plans to bid on one of three potential gaming licenses in the New York City area and is targeting a Long Island location. But it is facing legal problems.
The company, which is still headquartered in Las Vegas and was founded by the late billionaire and Republican megadonor Sheldon Adelson, only operates casinos in Macau and Singapore. It reported a total of approximately $7.5 billion in revenue from the two markets during the first nine months of 2023.
Cubans also participated
Mark Cuban, who sold a majority stake in the Mavericks to Adelson, ceded his seat on the NBA board to Suns president Patrick Dumont (Adelson's son-in-law), but retained full control of the team's operations. I will do it. Cuban wants a new arena for his NBA franchise.
Cuban was a technology billionaire when he bought the Mavericks from H. Ross Perot Jr. in 2000 for $285 million. He turned the franchise into a perennial contender and won the NBA title in 2011. The Mavericks had the second-best winning percentage (59.6 percent) in the NBA since Cuban bought the team.
He also thinks Texas should legalize casinos.
Cuban told the ABC affiliate in Dallas that the partnership with the Sands will result in a new arena and “hopefully a future resort casino.” He supported a pro-Sands legislative plan that failed earlier this year that would have built one Las Vegas-style casino resort in each of Texas' four largest cities.
according to Associated PressCuban was interested in partnering with the Suns on a hotel and casino complex in Dallas that would include the Mavericks' new arena.
“If the resort casino passes, Dallas will be in the top five destinations in the country,” Cuban told WFAA. “That's why I think it will happen someday. Imagine building the Venetian or Bellagio that you've seen in Las Vegas in Dallas or Austin or Houston.”
