LAS VEGAS (KTNV) — A Las Vegas casino mogul is looking to expand into the professional sports market, according to a recent SEC filing.
Las Vegas Sands Corp. informed the SEC of the sale of $2 billion of company stock by principal stockholder Dr. Miriam Adelson. The transaction was completed Tuesday.
The company noted it doesn't expect to profit from the sale of the shares because Adelson and her partners "intend to use the net proceeds from this offering...to fund the purchase of a majority interest in a professional sports franchise."
Adelson, the widow of Sands founder Sheldon Adelson, is listed as the fifth richest woman in the world by Forbes. CNBC reports Sands shares owned by the Adelson estate were valued at more than $20 billion when the market closed on Tuesday.
As of this report, it wasn't clear what team Adelson intends to purchase — though the news prompted some speculation about an NBA expansion team.
Mavericks owner Mark Cuban is working on a deal to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino, a person with knowledge of the talks said Tuesday night to the Associated Press.
Now that Major League Baseball approved the Oakland Athletics bid to relocate to Las Vegas, the NBA remains the sole major pro sports league without a team in the city now regarded as the sports and entertainment capital of the world.
The agreement would be in the valuation range of $3.5 billion and take weeks for the league to process, according to the person, who spoke to The Associated Press on condition of anonymity because details weren't being made public.
Cuban would retain control of basketball operations in the deal. NBA reporter Marc Stein was the first to report the potential sale.
Cuban said almost a year ago, he was interested in partnering with the Sands. He has been a proponent of legalizing gambling in Texas, an issue that didn't make it out of the state Legislature in a biennial session that ended earlier this year.
Commissioner Adam Silver has put down rumors that Las Vegas is among the league's expansion targets. NBA superstar LeBron James has often fueled those rumors with several public comments about his desire to own an NBA expansion team in Las Vegas.
Still, the league has strengthened its ties here in recent months by adding in-season tournament games. Its Summer League is held every year at Thomas and Mack Center.
Channel 13 is seeking comment from Adelson and will update this report as new information develops.
