One of the world's largest casino developers and operators is about to become the NBA's new owner.
Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson, owner of Las Vegas Sands Corporation and widow of late casino magnate Sheldon Adelson, NBA Insider's Mark Stein first reported. .
The Adelson family will pay approximately $3.5 billion, The Athletic reported. The league's board of directors must approve the sale before it can be completed.
Cuban, who bought the team from Dallas real estate tycoon Ross Perot Jr. in 2000 for $285 million, will retain a portion of the team's equity and remain in charge of basketball operations. The exact reason for the sale is unclear, but league officials said Adelson's expertise in real estate development and Cuban's push for casino gaming and entertainment in Dallas were factors.
Mr. Cuban told the Dallas Morning News last year that he plans to partner with Las Vegas Sands to build a casino resort development in Dallas that will include a Mavericks venue. At the time, he envisioned a 20-story Madison Square Garden-like building with gambling, sleep pods, virtual sports games, and restaurants.
“My goal is to partner with Las Vegas Sands, when we build a new arena, it's in the middle of the resort and the casino,” Cuban told the outlet.
However, Cuba's development plans faced major obstacles. That is, casinos and sports betting are illegal in Texas. Earlier this year, the Texas Legislature rejected a proposal supported by Sands that would have allowed gambling casinos attached to hotels, retail stores and entertainment districts. However, this proposal went further than similar proposals in the past and indicated that the Lone Star Nation may be open to the idea.
Cuban claims the casino resort will make Texas a “dream destination” for big events. Texas Sen. Carol Alvarado (D-Houston) endorsed Cuba's development plans last year, saying that Cuba's influence would “support enthusiasm for the initiative” and that Cuba's “influence and resources would help get it over the finish line.” I hope that it will be useful.” ”
With the Adelson family taking over the team, Cuban's vision may become even more likely to come true. Sheldon Adelson developed and operated casinos in Las Vegas and throughout Asia, pioneering the casino resort concept. When he took Las Vegas Sands public in 2001, he became one of the world's wealthiest executives, at one time having an estimated net worth of about $35 billion.
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Miriam Adelson became the owner of Las Vegas Sands after her husband died in 2001. Miriam Adelson is the fifth richest woman with an estimated net worth of $32.3 billion, according to Forbes. Miriam Adelson sold about $2 billion in stock in the company to fund the acquisition of an NBA team.
Meanwhile, Cubans are also planning to leave. shark tank, A popular reality show that he has appeared on since 2009.
—Quinn Donahue
