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.
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.
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.
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Last Comments ( 2 )
$240 million is what LVS paid to the private company that held the lease. LVS also paid $54 million to Nassau County and took out a 99 year lease with the County that has a net present value of $201 million. All in, LVS paid $495 million for 72 acres of land and a coliseum building it may or may not tear down. Insane purchase price plus the lease with the County has been voided by the court because the County violated laws when they rushed approval of the lease transfer agreement back in May.
Todd, regarding that plan for Nassau County, I think you meant to say, "...it’s FAR from guaranteed a casino hotel will open there."