Nearly a month has ed since the Texas.
The jaw-dropping purchase that conferred the majority stake of the Mavs to Dr. Miriam Adelson and Patrick Dumont could result in the completion of a large casino-resort in the Dallas-Fort Worth area. Adelson, the widow of late Las Vegas Sands (LVS) mogul Sheldon Adelson, and Dumont gained a controlling interest in the Mavericks in a transaction that valued the franchise at approximately $3.5 billion. Former Mavs owner and Shark Tank personality Mark Cuban retained control of basketball operations in the deal.
Dumont, the son-in-law of Sheldon Adelson, serves as president and chief operating officer of Las Vegas Sands. Earlier this week, in his first public comments since the Mavericks’ purchase, Dumont expressed bullishness on the prospects of building an integrated Texas resort.
“We think it’s an unbelievable market. Over time, we hope that it happens,” said Dumont on Sands’ 2023 fourth-quarter earnings call. “In of the family’s activities in Texas, we like the state. We’re very happy with our investment there and we’ll look to be a part of the business community there.”
Everything is bigger in Texas 6n19
Prior to the earnings call, Cuban confirmed that he sold several parcels of land to the buyers of the Mavs, including a 108-acre plot in the Dallas suburb of Irving. The purchase may assuage concerns from Mavs’ fans that the new owners could move the team outside the state, namely to a city without an NBA team like Las Vegas.
Since the NBA’s approval of the Mavs’ sale, the Adelson family has reiterated that it plans to keep the franchise in Dallas. Last year, a Sands-backed bill aimed at legalizing casino gambling in the Lone Star State ed in the Texas House of Representatives before dying in the Senate.
Cuban has been lukewarm about operating a commercial sportsbook through the Sands, but has not ruled out a hub-and-spoke Florida. The Texas Legislature, which meets on a semi-annual basis, will not reconvene until 2025, a schedule that slows casino legalization efforts.
The cumbersome process raises the possibility that the Mavs could build a new arena in an integrated resort before adding the casino portion as part of a subsequent expansion.
“I can’t tell you when it’s going to be, but we’re very focused on it as a company, and we’d like the opportunity to develop some very unique tourism assets, specifically in Dallas,” Dumont added.
Big Apple update 353m3b
Separately, LVS provided investors with an update on Sands’ bid for a downstate casino in New York. If approved, construction costs for Sands’ project in Nassau County could exceed $6 billion, said CEO Rob Goldstein.
“We’re receiving strong local . The cost of the building will be in the $6 billion range, which enables us to develop a true five-star resort with unlimited people,” Goldstein said on the call. “This is a massive opportunity; we are very enthused about the prospects. Our bid is compelling. If we receive the license, we’d be in the ground as quickly as possible.”
Jeffries analyst David Katz maintained a “hold” rating and a $54 price target on Sands.
Macquarie analyst Chad Beynon maintained an “outperform” rating on Las Vegas Sands on the company’s dominant position in the Asian casino market. New development opportunities in New York and a potential Macau recovery serve as a catalyst, Beynon wrote in a research note.
As of Friday morning, Las Vegas Sands traded at $50, up about 4% on the week. Beynon’s price target of $64, implies a total shareholder return of approximately 28%.
