Miriam Adelson seeks to expand influence in Texas through Mavericks deal


A detailed view of the Dallas Mavericks logo on the court during the fourth quarter in Game Four of the 2022 NBA Playoffs Western Conference Finals between the Golden State Warriors and the Dallas Mavericks at American Airlines Center on May 24, 2022 in Dallas, Texas.

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News that Miriam Adelson and her family would sell $2 billion in Las Vegas Sands

Miriam Adelson, philanthropist and wife of billionaire Sheldon Adelson, listens during a Presidential Medal of Freedom ceremony in the East Room of the White House in Washington, D.C., U.S., on Friday, Nov. 16, 2018.

Andrew Harrer | Bloomberg | Getty Images

Owning a team in Dallas will strengthen the Adelsons’ ties to Texas. Possibly, they would gain both a carrot and a stick to get local support for a casino license by wielding power and influence over the future of the Mavericks. A company insider told CNBC that it’s just smart to strengthen community ties.

It’s a similar strategy that Las Vegas Sands has deployed to secure one of three new casino licenses to be awarded in New York.

The company has invested millions of dollars and many years of lobbying efforts to woo government and community leaders in Long Island’s Nassau County. And the company has committed to redeveloping the Nassau Coliseum into a destination mixed-use resort, regardless of whether it wins a license. But the size of its investment presumably would depend on whether it can offer casino gambling.

Adelson stands to benefit mightily if the bets on eventual casino licenses in New York and Texas pay off. She and her family will continue to own more than 50% of Las Vegas Sands stock.

There’s still a great chance the Mavericks investment could pay off for the Adelsons, even without a gambling business in Texas.

“It’s a very smart family, and sports assets have performed great,” said Jason Ader, a former Las Vegas Sands board member who runs SpringOwl Asset Management. “NBA teams are marquis assets that are likely to continue to appreciate.”

Cuban bought his stake in the Mavericks for $285 million in 2000. Forbes recently valued the team at $4.5 billion, the seventh-highest value in the NBA. The team won the NBA title in 2011. It currently features superstars Luka Doncic and Kyrie Irving.

CNBC has reached out to Cuban for comment. The NBA has not commented, and the Mavericks referred questions to the Adelsons.

–CNBC’s Jessica Golden contributed to this article.

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