Adelson, Dumont Families Acquire Marquee Dallas Real Estate
Posted on: January 3, 2024, 05:11h.
Last updated on: January 3, 2024, 05:15h.
By way of their majority acquisition of the Dallas Mavericks, the Adelson and Dumont families took the deed to some pivotal real estate in the Dallas area.
As part of the transaction that saw the families with ties to Las Vegas Sands (NYSE: LVS) acquire about 70% of the NBA franchise from now minority owner Mark Cuban, ownership of more than a dozen acres in the Dallas Design District changed hands. Located near downtown Dallas, the land includes the Mavericks’ practice facility.
It’s rumored that Cuban had previously hoped to use that acreage for a new arena for the team. For tax purposes, the land is valued at $42.9 million, according to county records.
Last week, the NBA approved the sale of a majority interest in the Mavericks to the families of Dr. Miriam Adelson and Sivan and Patrick Dumont. Adelson is the widow of Sands founder Sheldon Adelson while Patrick Dumont is her son-in-law and chief financial officer (CFO) of the largest publicly traded gaming company.
Adelsons, Dumonts Know Real Estate
In an interview following the NBA approval, Cuban acknowledged that real estate isn’t one of his core competencies and that the Adelsons and Dumonts are more well-versed in that business than he is. Dumont is now the Mavericks’ representative to the NBA Board of Governors, but Cuban maintains control of basketball operations.
There’s something to that claim. With Sheldon Adelson at the helm of Las Vegas Sands and Dumont occupying high-ranking roles, the gaming company retained control of all its property holdings. As such, it was able to wring significant benefit when it sold domestic assets such as a regional casino in Pennsylvania and its Las Vegas Strip holdings.
When Sands sold the Venetian Resort and Sands Expo and Convention Center in early 2021 for $6.25 billion, $4 billion of that price was absorbed VICI Properties (NYSE: VICI), which bought the related real estate assets.
It’s not yet clear if the Adelson/Dumont group can work such wonders with the Dallas land or what their plans for the property. The Mavericks are committed to playing the American Airlines Center through 2030. The team shares that venue with the NHL’s Dallas Stars.
Important Real Estate Clarification
The aforementioned Dallas acreage that’s now owned by the Adelson/Dumont consortium is not related to 108 acres of land near Texas Stadium in Irving, Texas that was purchased last July by a limited liability corporation (LLC) tied to Las Vegas Sands.
While Adelson remains the largest individual Sands shareholder and Dumont remains employed by the gaming company, they are the owners of the Mavericks, not the casino operator. For now, the aforementioned Irving transaction does not involve the NBA team.
However, that deal did stoke speculation that Sands remains committed to bringing a casino resort to Texas and that the company could partner with Cuban on such a venture. He’s long said he wants to bring an integrated resort to the Dallas area and that LVS is his preferred partner.
Source: casino.org
