Miriam Adelson's family owns more land near Dallas than previously thought, adding to the intrigue surrounding the Adelson family's recent purchase of the Dallas Mavericks.
In July, an affiliate of casino resort developer Las Vegas Sands, owned by Miriam Adelson, acquired eight properties, approximately 259 acres, on State Route 114 and Loop 12 near the former Texas Stadium site in Irving. The acquisition was reported by the Dallas Business Journal.
It was previously reported that the Adelson family owns just 108 acres in the northwest suburbs of Dallas.
The properties, valued at just over $36 million by the Dallas Central Appraisal District, are part of a long-conceived development site that Irving economic development officials have been eyeing for about a decade.
The property includes frontage along the Elm Fork of the Trinity River. Most of the land is within Irving city limits, but 22.5 acres are in unincorporated Dallas County.
The Adelsons' Irving group has hinted that Las Vegas Sands may be planning one of its signature casino resort developments. The company was instrumental in pioneering casino resorts thanks to its founder, the late Sheldon Adelson.
The Adelsons' political influence could sway the state Legislature to legalize casinos and sports betting in Texas. Mark Cuban, who is selling a majority stake in the Mavericks, had planned a casino resort in partnership with Las Vegas Sands, but a proposal that would have allowed such a development was rejected by the Texas Legislature earlier this year. Ta.
A Las Vegas Sands spokesperson told the Dallas Morning News that the Irving property is unrelated to the Adelson family's acquisition of the majority of the Mavericks. This holding is part of Sands' long-standing interest in the Dallas-Fort Worth area. The company may purchase additional Irving properties in the future, a spokesperson said.
Texas Stadium, the former venue of the Dallas Cowboys, was demolished in 2010. More than $300 million worth of infrastructure improvements, including a bridge between the Texas Stadium site and the Suns complex, have been in development since at least 2015.
Irving city leaders project that real estate values within the 452-acre tax increment financing zone could increase from $1.6 billion to $5.4 billion by 2041, with the potential for 10,000 homes to be built. The paper reported that.
—Quinn Donahue
