The Adelson and Dumont families, with ties to Las Vegas Sands, have acquired a 70% majority ownership of the Dallas Mavericks NBA franchise from previous owner Mark Cuban. As part of this transaction, they also gained ownership of more than a dozen acres in the Dallas Design District, which includes the Mavericks’ practice facility.
The land, near downtown Dallas, has a tax value of $42.9 million and was previously rumored to be intended for a new arena for the team. The NBA recently approved the sale of the majority interest in the Mavericks to the families of Dr. Miriam Adelson, and Sivan and Patrick Dumont.
Patrick Dumont, the son-in-law of Dr. Miriam Adelson and the CFO of Las Vegas Sands, is now the Mavericks’ representative to the NBA Board of Governors. However, Mark Cuban retains control of basketball operations. It is noted that real estate is not Cuban’s core competency, while the Adelson and Dumont families have significant experience in real estate dealings.
The Adelson/Dumont group has a history of maximizing the value of real estate assets, as seen in Las Vegas Sands’ previous deals with regional casinos and Las Vegas Strip holdings. However, it is still uncertain what the new owners’ plans are for the Dallas property, especially since the Mavericks are committed to playing at the American Airlines Center through 2030.
It is important to clarify that the Dallas acreage acquired by the Adelson/Dumont consortium is not related to the 108 acres of land near Texas Stadium in Irving, Texas, purchased last July by a limited liability corporation (LLC) tied to Las Vegas Sands. This distinction is crucial, as Adelson and Dumont are now the owners of the Mavericks, not the casino operator.
Despite this clarification, the Irving transaction has sparked speculation that Sands may still be pursuing a casino resort in Texas and could potentially partner with Cuban on such a venture. Cuban has expressed his desire to bring an integrated resort to the Dallas area, with Las Vegas Sands as his preferred partner.