Adelson, Dumont families acquire Marquee Dallas real estate
Through their majority ownership of the Dallas Mavericks, the Adelson and DuMont families have acquired some significant real estate in the Dallas area.
As part of the deal, ownership of a dozen acres in the Dallas Design District changed hands, with a family tied to Las Vegas Sands Corp. (NYSE: LVS) acquiring about 70% of NBA franchises. The property, located near downtown Dallas, also includes the Mavericks' training facility.
There are rumors that Cuban had previously hoped to use this space to build a new arena for the team. The land is valued for tax purposes at $42.9 million, according to county records.
Last week, the NBA approved the sale of a controlling stake in the Mavericks to Dr. Maverick’s family. Miriam Adelson, Sivan and Patrick Dumont. Adelson is the widow of Sands founder Sheldon Adelson, while Patrick Dumont is her son-in-law and the chief financial officer (CFO) of the largest publicly traded gaming company.
Adelson, Dumont understand real estate
In an interview after NBA approval, Cuban admitted that real estate was not his core competency and that Adelson and the Dumonts understood the industry better than he did. Dumont is now the Mavericks' representative on the NBA Board of Governors, but Cuban retains control of basketball operations.
There is some truth to this statement. With Sheldon Adelson at the helm of Las Vegas Sands and Dumont in top roles, the gaming company retained control of all of its real estate assets. As a result, the company was able to reap significant benefits from the sale of domestic assets, such as regional casinos in Pennsylvania and its interest in the Las Vegas Strip.
When Sands sold the Venetian Resort and Sands Expo and Convention Center for $6.25 billion in early 2021, $4 billion of that amount was acquired by VICI Properties (NYSE: VICI), which acquired the Related real estate assets.
It's unclear whether the Adelson/Dumont group can pull off such a miracle with the Dallas property, or what their plans are for the property. The Mavericks hope to play at American Airlines Center until 2030. The team shares the venue with the NHL's Dallas Stars.
IMPORTANT REAL ESTATE CLARIFICATION
The aforementioned Dallas land is now owned by the Adelson/Dumont consortium and is unrelated to the 108 acres in Irving, Texas near Texas Stadium, which was acquired by Las Vegas last July Company Sand Purchase Liability Company, LLC.
While Adelson remains Sands' largest individual shareholder and Dumont is still employed by the gaming company, they are owners of the Mavericks, not casino operators. NBA teams are not involved in the above-mentioned Irving trade for the time being.
However, the deal has fueled speculation that Sands remains committed to bringing the casino resort to Texas and that the company could partner with Cuban on such a joint venture. He has long said he wants to build an integrated resort in the Dallas area, and LVS is his preferred partner.
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Source: www.casino.org
