On November 29, 2023, it was confirmed that Dr. Miriam Adelson and the Miriam Adelson Trust have agreed to acquire a majority stake in the NBA’s Dallas Mavericks. This news followed speculation on Tuesday after Las Vegas Sands, the gaming company founded by Miriam’s late husband, announced that she and her family trust would be selling $2 billion worth of the casino operator’s stock to fund the purchase of a majority interest in an undisclosed sports franchise.
Shortly after the news of the equity sale, rumors began to circulate that the team in question was the Mavericks. These rumors were confirmed on Wednesday by the buyers, as the Adelson and Dumont families entered into binding agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks.
Pending approval by the NBA’s Board of Governors, the Adelson and Dumont families are expected to take majority control of the Mavericks from current owner Mark Cuban before the end of the year. Cuban will remain with the team, overseeing basketball operations.
The share sale news had an impact on the stock of Las Vegas Sands, as the offering was priced below the previous day’s closing price, causing the stock to slump. Sands also announced plans to repurchase up to $250 million of the shares Adelson is selling.
The extent to which the Adelson and Dumont families will be involved in basketball decisions remains to be seen, but they have the financial resources to attract and retain some of the NBA’s biggest stars. Patrick Dumont’s investment banking background and previous role as chief financial officer of Sands could also prove advantageous in navigating the complex world of the NBA salary cap.
The transaction between the Adelson and the Mavericks has sparked speculation about potential gaming expansion in Texas, with discussions focusing on the possibility of casino resorts and sports wagering coming to the state. However, it is important to note that casino gaming and sports wagering in Texas would require political approval before they could become a reality. Additionally, under Sheldon Adelson and the current leadership, Las Vegas Sands has largely focused on its luxury land-based casino hotels rather than online sports wagering.
Overall, the news of the Adelson and Dumont families’ acquisition of the Dallas Mavericks has raised questions about the future of the team and potential implications for the broader Texas gaming industry.