**Miriam Adelson’s Family to Sell $2 Billion in Las Vegas Sands Stock**
Miriam Adelson made headlines when her family announced they were selling $2 billion in Las Vegas Sands stock to buy a majority stake in the NBA’s Dallas Mavericks. The surprising move left both the sports and gambling worlds stunned.
**Adelson’s Ties to Las Vegas and Sports**
While Las Vegas is the headquarters of the family’s empire, it no longer has any casino resorts in the city. Miriam Adelson is the widow of Las Vegas Sands founder Sheldon Adelson, who died in January 2021. The family still maintains a substantial presence in Las Vegas, with the NHL’s Golden Knights, the NFL’s Raiders, the WNBA’s Aces, and a Formula 1 Grand Prix. There are also plans for Major League Baseball’s As to relocate to the desert from Oakland. NBA Commissioner Adam Silver has also suggested that Vegas is likely to get an NBA team in the future.
**Investing in Dallas Mavericks**
So why is Adelson and her family investing billions into a Dallas team? In a statement to CNBC, they expressed their excitement and honor to be stewards of the Dallas Mavericks franchise, expressing a commitment to partnering with Mark Cuban to build on the team’s success and legacy. The family’s strong ties to Texas, where they have invested in political contributions and lobbying for more broadly legalizing gambling, suggest they are looking to expand their influence in Dallas and beyond.
**The Ambitious Plans**
The family has already sold the Venetian, Palazzo, and the Venetian Expo center, raising over $6 billion with the intention to pursue gaming licenses elsewhere. Mavericks owner Cuban expressed interest in partnering with Sands to build a development that includes a new arena and a casino resort if the state more broadly legalized gambling.
**The Bigger Picture**
In strategic moves to secure casino licenses in New York and Texas, the Adelsons are positioning themselves to capitalize on favorable outcomes. Owning over 50% of Las Vegas Sands stock, the family stands to benefit mightily if their bets on eventual casino licenses pay off.
**Opportunities and Challenges in Texas**
Despite stalled legislation in Texas and concerns about the state’s appeal as a vacation destination, the Adelsons’ investment in the Mavericks demonstrates the family’s pursuit of new opportunities and growth. With ambitious plans and smart investment strategies, the Adelsons are positioning themselves for success in Dallas and beyond.
**Bright Prospects**
Industry insiders see the Mavericks investment as a smart move, given the potential for NBA teams to appreciate in value and continue to perform well financially. Although the family is also facing challenges, particularly in the stalled legislation in Texas, their investment in the Mavericks appears well-positioned for long-term success.
**Conclusion**
Miriam Adelson’s family’s $2 billion sale of Las Vegas Sands stock to buy a majority stake in the Dallas Mavericks marks a significant moment in the sports and gambling world. The move aligns with the family’s ambitions to expand their influence and business ventures while navigating the challenges of lobbying for gambling legalization in Texas and other states. As they move forward, they are positioning themselves for growth and success on multiple fronts.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin