Dr. Miriam Adelson Sold $2 Billion Stake In Las Vegas Sands

Dr. Miriam Adelson, a dominant stakeholder in Las Vegas Sands, reportedly plans to officially sell a $2 billion stake in the company's total stock, and the result will be used to purchase a professional sports franchise with her cash. However, the deal is not yet close.

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The potential sale is said to reduce the billionaire's stake in the company by about 10 percent. In addition, Las Vegas Sands (LVS) is headquartered in Las Vegas, but currently has active casino operations only in Singapore and Macau.

On Nov. 28, 2023, a filing with the Securities and Exchange Commission (SEC) announced it was offering $2 billion in Las Vegas Sands common stock, but did not provide specific details. However, hours later, digital content platform Sportico officially announced that the Adelson family was buying a "majority stake" in the Dallas Mavericks of the Western Conference Southwest Division. However, current owner Mark Cuban, who allegedly acquired the sports franchise for $285 million in 2000, will retain the team's operational leadership. In addition, the Dallas Morning News officially covered this story.

In a related development, the company said in a written statement, "We have received comments from current selling shareholders that they intend to use the net proceeds from this offer to fund the purchase of a majority stake in the professional sports franchise under customary league approval under a binding purchase agreement, along with additional cash."

As for Dr. Adelson, she officially controls 56.4 percent of the company, either personally or through her trust. In addition, she is the 78-year-old widow of Sheldon Adelson, the founder of the aforementioned company. Although she does not hold an official role in the company's side, her son-in-law is the chairman of LVS and part of the company's board.

When it comes to the Forbes 400 list, she ranked 24th with a "net worth" of $32.3 billion. In this regard, Dr. Adelson could not be reached for comment.

Expected to Buy Stock:

Although Sheldon Adelson was one of the biggest contributors to the Republican nominees, Dr. Miriam has cut back on her political donations since her husband's death. However, she reportedly met Nikki Haley, the aforementioned Republican presidential nominee, at a Republican Jewish Coalition event in Venice this month.

In February last year, less than a year after Sheldon Adelson's death, LVS officially sold Palazzo, Venice and Venice Expo centers to private equity firm Apollo Global Management and real estate investment fund VICI Properties for $6.25 billion. In a related development, the Nevada Independent said in a statement that Dr. Adelson plans to sell up to $250 million in shares.

When the purchase closes, the Adelson family is expected to retain a stake of about 52%.

New Focus:

The Adelson family only recently added professional sports as a new focus. In the summer of 2022, Dr. Miriam's son, Matan Adelson, was the leader of an organization that raised $20 million to win a 90% controlling stake in Israeli professional basketball team Hapoel Jerusalem. 파워볼실시간

In response, the Adelson family's only American professional sports activity was the Oakland Raiders' move to Las Vegas six years ago. Also, the late Sheldon planned to officially invest $650 million in Allegiant Stadium now. However, after the Nevada Legislature approved a $750 million room tax as a way to finance the site, Adelson provided a 0.88% tax on the room tax at the Strep Hotel.

In addition, Las Vegas has become a center of professional sports over the past few years. Some examples are:

The Raiders officially switched to Las Vegas for the 2020 NFL season, and the NFL awarded Super Bowl LVIII to Allegiant Stadium in early February

In 2017, the Vegas Golden Knights, an expansion team in the National Hockey League, started playing at T-Mobile Arena

Major League Baseball confirms Oakland A's re-address to $1.5 billion stadium located on marked strips for completion in 2028

Raiders owner Mark Davis bought the WNBA's Las Vegas two years ago, and the team won for the second consecutive year.

The NBA reportedly considered expanding to Las Vegas, and Tim Leiwake, CEO of Oak View Group, an entertainment complex developer, plans to build a 20,000-seat stadium on Blue Diamond Road and Las Vegas Boulevard, which are currently in the design stage, under the guidance of the NBA. The stadium is being designed as part of a $10 billion resort and entertainment property.