Adelson Purchases Majority Stake in Dallas Mavericks
Late last year, Las Vegas Sands’ controlling shareholder Miriam Adelson, widow of Sands founder Sheldon Adelson, announced a binding purchase agreement to purchase majority ownership of the National Basketball Association’s (NBA) Dallas Mavericks. Adelson sold a $2 billion stake in the casino company to purchase the ownership, reducing her stake by over 4 percent. Mark Cuban, former owner will retain a portion of the franchise as well as operational control. The Mavericks are not expected to move to southern Nevada. However, NBA league commissioner, Adam Silver, referenced Las Vegas as under consideration for an expansion team during last season’s NBA Finals.
The A’s and Bally’s Plan for Baseball Stadium on Las Vegas Strip
Demolishing the Tropicana, which sits on 35-acres on the south Strip, is the first step to building the planned 33,000-seat ballpark for the A’s baseball team. The $1.5 billion ballpark will sit on 9 acres, leaving 26 acres for Bally’s. That space may be used for a resort or mixed-use development or provided to the ballclub to be used as a plaza area for the stadium. The plan is for the A’s to be in their new home by the start of the 2028 Major League Baseball season. To meet that timeline, the Tropicana site will need to be demolished and cleared by April 2025.
Las Vegas Super Bowl Projected to Be Biggest Event in City’s History
According to Forbes, Las Vegas officials project the economic impact of the Las Vegas Super Bowl in February to be $600 to $700 million more than a typical Super Bowl weekend in Las Vegas. The city is expecting around 330,000 visitors for the game and fully booked hotels along the Strip. Added to that, many visitors are expected to stay for the week leading up to or after the event, creating residual economic impact for the region.
