Sands buys Dallas land ahead of Miriam Adelson trade to Mavericks
An LLC tied to Las Vegas Sands Corp. (NYSE: LVS ) purchased 108 acres of land near Texas Stadium in Irving, Texas, in July just before Dr. Miriam Adelson sold stakes in the casino operator to fund her purchase of a majority stake in the Dallas Mavericks.
Last week, Sands announced that Adelson, the widow of company founder Sheldon Adelson and owner of the Miriam Adelson Trust, had sold Its stake in the gaming company is worth $2 billion in a deal. The move was to fund the purchase of a majority stake in an unidentified professional sports franchise. That team turned out to be the Dallas Mavericks, reigniting speculation that LVS and future Mavericks minority owner Mark Cuban wanted to open a casino-hotel in the Dallas-Fort Worth metropolitan area.
News that a limited liability company called Village Walk RE 2 LLC purchased 108 acres of land across from the now-demolished Texas Stadium, the former home of the NFL's Dallas Cowboys, has raised questions about Cuban and Sands The group is rumored to eventually build an integrated resort in the Dallas area. put up.
Village Walk RE 2 LLC is located at 5420 S. Durango Dr. in Las Vegas, according to documents filed with the Texas Secretary of State. This address is the same as the Sands headquarters address.
Sands LLC Receives Preferential Offer for Dallas Land
Village Walk RE 2 LLC paid $22.4 million for the property in question, according to Dallas Central Appraisal District records — a good deal considering the rapid growth of the Dallas-Fort Worth area.
However, purchasing a property does not mean that the site has been secured. In Nassau County, New York, for example, LVS spent an estimated $240 million to build a $4 billion casino resort on the site of the Nassau Veterans Memorial Coliseum in Uniondale, New York. Nonetheless, a casino hotel will definitely open there.
There is currently a clear connection between Sands' purchase of the land and Adelson's control of the Mavericks. Although her son-in-law, Patrick Dumont, serves as Sands president and chief operating officer, she is not involved in the day-to-day operations of the casino company.
Cuban, on the other hand, has made it clear it wants to bring casinos to the Dallas area. LVS has spent millions lobbying Texas lawmakers to approve an integrated resort in the second-largest state.
Texas casinos still have a long way to go
Predictably, the tie-up between Adelson and the Mavericks has sparked new hopes that Texas — widely regarded as one of the last major untapped markets for domestic gambling — will eventually allow casinos to open casino. But there's more to this story.
Lt. Gov. Dan Patrick (R-Texas) recently said the state Senate "didn't have the votes" to move forward on the casino issue after it failed earlier this year. Additionally, the Texas Legislature won’t be in session next year, meaning gaming expansion won’t be discussed again until 2025 at the earliest.
Polls consistently show Texas voters support increased casinos and sports betting. But the other side of the coin is that the state doesn't need the money, suggesting lawmakers are in no hurry to make progress on the casino issue.
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Source: www.casino.org
