Before Adelsons bought Mavericks, Sands purchased 108 acres near Dallas
Las Vegas Sands Corp. in July acquired 108 acres in Irving, Texas, near stadiums where the Texas Rangers and Dallas Cowboys play in Arlington.
A Sands spokesman confirmed that a Sands subsidiary, Village Walk RE 2 LLC, bought the land near the former site of Texas Stadium where the Cowboys played before moving into AT&T Stadium in 2009. Company officials would not say what the land could be used for, but it’s large enough for an integrated resort-casino with a new arena for the NBA’s Dallas Mavericks — if casinos one day are legalized in Texas.
“The company has long shown its interest in Texas, and Dallas-Fort Worth specifically, and may make additional real estate investments in the future,” the Sands spokesman said.
Miriam Adelson, Sands’ controlling shareholder, sold $2 billion in Sands stock to finance the purchase of a majority stake in the Mavericks from Dallas billionaire entrepreneur Mark Cuban. The Adelson family, not Sands, has invested in the basketball team.
The NBA Board of Governors has a Dec. 20 target date for approving the team’s sale.
There’s plenty of time for the Mavericks to find a new home. The team is committed to playing through 2030 in American Airlines Center, which in April underwent $18.5 million in upgrades to seats and video boards. The Mavericks and the NHL’s Dallas Stars share the arena.
Sands has lobbied Texas lawmakers for years to win approval of casino gambling in the Lone Star State. The Texas Legislature next meets in 2025.
Cuban is expected to continue with the team as head of basketball operations, while Adelson’s son-in-law, Sands President and Chief Operating Officer Patrick Dumont, would join the Board of Governors as the Mavericks’ representative.
Sands did not disclose terms of the land sale agreement, but Dallas County tax records list the property’s value at $22.4 million.
Cuban told the Dallas Morning News last year that he is interested in partnering with Sands for a new arena within a casino-resort.
In a more recent public appearance, Cuban reiterated the need for gaming in Texas.
“When you think of all the places you want to save up to vacation, Texas isn’t one of them,” Cuban said, according to a Morning News report. “There’s no real destination that you save up for,” he said. “That’s a problem and I think resort gaming would have a huge impact.”
The Sands integrated resort model includes convention facility space. The late Sheldon Adelson, Sands’ founder, built The Venetian and Palazzo and what is now the The Venetian Expo center in Las Vegas, as well as properties in Macao and Singapore that have convention facilities that drive visitation and occupancy at midweek and entertainment and tourism attractions on weekends.
The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson and Patrick Dumont.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.