Supporters of legalized gambling in Texas hoped to get a constitutional amendment to voters during the most recent session, but the measure didn’t get far in the legislative process. The vetting process for new owners in the NBA typically takes at least several weeks, and then approval must be granted by the league’s Board of Governors.Ĭuban also said late last year he wanted to build a new arena in downtown Dallas that would also be a casino resort, if Texas does legalize gambling. subject to customary league approvals,” the company said in the SEC filing. “We have been advised by the selling stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise. The family also owns Nevada’s largest newspaper, the Las Vegas Review-Journal. The 78-year-old Adelson, who is a medical doctor, will retain 51.3% of company shares following the sale, according to the filing. The Adelson and Dumont family would also have the right to serve as governor of the Mavericks. Given the $2 billion stock sale figure, along with the cash addition, it would mean Adelson could be acquiring at least 57% of the NBA team based on the $3.5 billion valuation. The filing identified Adelson and the Miriam Adelson Trust as sellers but didn’t specify a team, league or location. The company revealed the sale of $2 billion in stock in a filing with the Securities and Exchange Commission.

Sheldon Adelson, the billionaire founder and owner of Las Vegas Sands, died in 2021 at 87.

Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore. Dallas was one of the worst franchises in pro sports in the 1990s, but turned into one of the best under Cuban, with a lot of help from star forward Dirk Nowitzki - now a member of the Basketball Hall of Fame and the leader of the team that won the 2011 NBA championship.

Billionaire casino fame