Mavericks sale approved by NBA
The purchase is being made by Miriam Adelson and President of Las Vegas Sands Patrick Dumont.
The Dallas Mavericks will be sold from current owner Mark Cuban to Dr. Miriam Adelson, and Sivan and Patrick Dumont, after the purchase was approved by the NBA Board of Governors.
Patrick Dumont is the current President and COO of Las Vegas Sands, which owns multiple casinos in Macau and Marina Bay Sands in Singapore.
The sale is expected to be concluded before the New Year.
The plan for the purchase of Cuban’s Mavericks stake by the Adelson family was announced in late November, with Adelson selling $2bn of Las Vegas Sands stocks to fund the purchase. This equates to 46.3 million shares, valued at $44 per share.
As well as being one of the largest shareholders of Las Vegas Sands, Adelson is also connected to the casino operator through family ties, with Patrick Dumont being the son-in-law of Adelson. On the selling of Adelson’s stocks, Dumont has said, “We fundamentally believe in the compounding long-term benefit of share repurchases.”
Moreover, despite Las Vegas Sands currently operating in Asia exclusively, it is an American-owned company. Bringing gaming regulation to Texas, from which the Mavericks reside, may therefore be an additional point of motivation behind the purchase decision.
Las Vegas Sands reported net revenue of $2.8bn in Q3 2023, up 180% year-on-year. Adjusted EBITDA saw even more substantial year-on-year, up 486%. Of this net revenue, the Marina Bay Sands location contributed almost half of total revenue, generating $1.01bn.
The purchase of the Mavericks will allow the operator a greater opportunity to integrate itself into the American gaming market, with the team having previously partnered with Jackpocket and Betway in 2022 and 2021 respectively.
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