Sands Group Bought Dallas Land Prior to Miriam Adelson Mavericks Deal

Posted on: December 9, 2023, 04:58h. 

Last updated on: December 11, 2023, 11:40h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

A limited liability corporation (LLC) with ties to Las Vegas Sands (NYSE: LVS) scooped up 108 acres of land near Texas Stadium in Irving, Texas, in July, just months before Dr. Miriam Adelson sold shares in the casino operator to fund her acquisition of a majority stake in the Dallas Mavericks.

Texas Stadium
The site of the demolished Texas Stadium. An entity tied to Las Vegas Sands purchased land near that site. (Image: Dallas Morning News)

Last week, Sands revealed Adelson, the widow of company founder Sheldon Adelson and owner of the Miriam Adelson Trust, sold $2 billion worth of her equity position in the gaming company. That move was done to fund the purchase of a majority interest in an unidentified professional sports franchise. That team turned out to be the Dallas Mavericks, stoking renewed speculation that LVS and soon-to-be Mavericks minority owner Mark Cuban have eyes on bringing a casino hotel to the Dallas-Fort Worth metroplex.

News that an LLC known as 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 — fueled rumors that Cuban and Sands want to eventually construct an integrated resort in the Dallas area.

Village Walk RE 2 LLC’s address is 5420 S. Durango Dr. in Las Vegas, according to records filed with the Texas Secretary of State. That’s the same address as Sands corporate headquarters.

Sands LLC Got Good Deal on Dallas Land

According to records with the Dallas Central Appraisal District, Village Walk RE 2 LLC paid $22.4 million for those plots above – a good deal considering the rapid growth of the Dallas-Fort Worth area.

However, acquiring land doesn’t mean a gaming venue is a done deal. For example, LVS has shelled out an estimated $240 million in Nassau County, New York, as part of its effort to build a $4 billion casino resort at the site of the Nassau Veterans Memorial Coliseum in Uniondale, NY. Still, it’s guaranteed a casino hotel will open there.

For now, there’s a confirmed connection between Sands’s buying that land and Adelson’s acquiring control of the Mavericks. She has no day-to-day involvement in the casino company’s operations, though her son-in-law is Patrick Dumont, who serves as Sands’ president and chief operating officer.

On the other hand, Cuban has clearly desired to bring a casino to the Dallas area. LVS has spent millions of dollars lobbying Texas lawmakers to approve permitting integrated resorts in the second-largest state.

Texas Casinos Still a Long Way Off

Predictably, the Adelson/Mavericks marriage has spurred renewed hope that Texas — widely viewed as one of the last great untapped markets for the domestic gaming industry — will eventually permit casinos. But there’s more to the story.

Lt. Governor Dan Patrick (R-TX) recently said the votes aren’t there in the state Senate to advance the casino issue after it failed earlier this year. Plus, the Texas legislature doesn’t meet next year, meaning it will be 2025 at the earliest before the issue of gaming expansion will again be taken up.

Polls consistently show Texas voters approve of adding casinos and sports wagering. But the other side of that coin is that the state doesn’t need money, indicating lawmakers aren’t eager to press the casino issue.