Miriam Adelson speaks onstage during the 24th annual Keep Memory Alive benefit for the Cleveland Clinic Lou Ruvo Center for Brain Health at MGM Grand Garden Arena on March 7, 2020, in Las Vegas, Nevada. (Photo by Denise Truscello/Getty Images for Keep Memory Alive)
Denise Truscello | Getty Images
News that Miriam Adelson and her family would sell $2 billion in Las Vegas Sands stock to buy a majority stake in the NBA’s Dallas Mavericks stunned the sports and gambling worlds alike.
After all, Las Vegas is the headquarters of the family’s empire, even if it doesn’t have any casino resorts in the city anymore. Adelson is the widow of Las Vegas Sands founder Sheldon Adelson, who died in January 2021.
And Las Vegas is now a preeminent destination for sports, with the NHL’s Golden Knights, the NFL’s Raiders, the WNBA’s Aces and a Formula 1 Grand Prix. Soon, Major League Baseball’s As are expected to relocate to the desert from Oakland.
Likewise, NBA Commissioner Adam Silver has suggested it’s a matter of when, not if, Vegas gets a team. LeBron James has said he’s interested in bringing basketball to Vegas at some point. Retired NBA legend and former Sacramento Kings minority owner Shaquille O’Neal has also expressed interest in a Vegas team. The city is also set to host the final games of the NBA’s midseason tournament.
An NBA team in Vegas could command a price tag in the $6 billion to $7 billion range, according to Patrick Rishe, director of the sports business program at Washington University in St. Louis.
So why is Adelson and her family throwing billions into a Dallas team?
In a statement to CNBC, they said: “The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team’s success and legacy in Dallas and beyond.”
Patrick Dumont is married to Miriam Adelson’s daughter, Sivan. He is also the president and chief operating officer of Las Vegas Sands.
The Adelsons have already invested millions into political contributions and lobbying in Texas, trying to coax lawmakers into more broadly legalizing gambling in the state. Las Vegas Sands itself has spent years and millions of dollars as well in pursuit of the same goal.
The company sold the Venetian, Palazzo and the Venetian Expo center in early 2022 to affiliates of Apollo Global Management and VICI Properties, raising more than $6 billion. The…
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