The Adelson family is buying more than the Dallas Mavericks from Mark Cuban, adding to speculation about a future casino resort in Big D.
An affiliate of Las Vegas Sands, which is owned by Miriam Adelson, has purchased more than a dozen acres on Stemmons Freeway in Dallas’ Design District, the Dallas Morning News reported. Terms of the deal were not disclosed.
The property near downtown includes a building that’s being used as the Mavericks’ practice facility. Cuban had owned the site since 2016 and once considered using it for a new arena. The land is valued at just under $43 million for tax purposes, the outlet reported, citing county records.
Las Vegas Sands bought a majority stake in the NBA squad for $3.8 billion, which was recently approved by the league. Cuban still owns a 27 percent share of the Mavericks and will remain in control of basketball operations.
Cuban decided to sell the team because it allows both parties to utilize their strengths.
“They’re not basketball people; I’m not a real estate person. That’s why I did it,” Cuban previously told the outlet.
Cuban and Las Vegas Sands had also been planning to build a casino resort in Dallas, possibly including a place for the Mavericks. However, Texas legislators earlier this year shot down a proposal that would have allowed gambling casinos attached to hotel, retail and entertainment districts. The Adelsons’ long-standing political influence could spur Texas lawmakers to legalize sports betting and casino resorts, though.
In addition to the Design District site, the Adelsons own 259 acres in Irving, including a 108-acre tract near the former Texas Stadium site. The Irving assemblage raised questions about the team potentially relocating, but a Las Vegas Sands spokesperson said the acquired land is indicative of the company’s long-standing interest in Dallas-Fort Worth and unrelated to the Mavericks.
Cuban has also affirmed that the team will remain in Dallas.
—Quinn Donoghue
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