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Mark Cuban Sells Bulk of Dallas Mavericks to Casino Tycoon
In a groundbreaking move, one of the globe’s premier casino developers and operators is on the brink of entering the NBA ownership circle.
Mark Cuban’s Mavericks Handover
Mark Cuban, known for his tenure with the Dallas Mavericks, is in the process of selling a majority share of the team to Miriam Adelson, the owner of Las Vegas Sands Corporation and widow of the late casino tycoon Sheldon Adelson. The potential transaction, as reported by NBA insider Marc Stein, involves an estimated sum of $3.5 billion, pending approval from the league’s Board of Governors for finalization.
Cuban’s Vision and Impediments
Despite the impending sale, Cuban won’t step away entirely, retaining some ownership and maintaining oversight of basketball operations. While the exact reasons behind Cuban’s decision remain unclear, reports suggest that Adelson’s expertise in real estate development and Cuban’s aspirations for integrating casino gaming and entertainment in Dallas played significant roles in the deal.
Obstacles and Texas’ Gambling Landscape
Cuban had previously expressed plans to collaborate with Las Vegas Sands to construct a casino-resort complex in Dallas, envisioning a multi-faceted structure that resembled Madison Square Garden, featuring gambling amenities, virtual sports games, sleep pods, and dining establishments.
However, Cuban’s ambitious vision encountered a significant obstacle: Texas prohibits casinos and sports betting. Efforts to change this faced resistance, although a recent proposal supported by Sands garnered more traction than past attempts, indicating a potential shift in the Lone Star State’s stance on gambling.
Cuban remains steadfast in his belief that introducing casino resorts would transform Texas into a prime location for major events. His initiative received backing from Texas state Sen. Carol Alvarado, who highlighted Cuban’s influence as a driving force and hoped for his support in advancing the cause.
With the Adelson family poised to assume control of the team, Cuban’s grand plan might gain momentum. Sheldon Adelson, renowned for pioneering the casino-resort concept through ventures in Las Vegas and Asia, amassed immense wealth, with an estimated net worth peaking around $35 billion.
The impending transition of ownership hints at the potential realization of Cuban’s vision, backed by Adelson’s storied expertise in revolutionizing the casino-resort industry.