The Adelson family and the Las Vegas Sands Corporation have acquired more local land, this time purchasing property in Downtown Dallas near the Dallas Mavericks’ current location.
According to the Dallas Morning News, the land is located in the Design District near Stemmons Freeway and Inspiration Drive — just across I-35 from Victory Park and the American Airlines Center — and includes the team’s current practice facility.
The family and its corporation recently purchased a controlling stake in the Mavericks from longtime owner Mark Cuban, who will keep 27% ownership of the team and run basketball operations.
“They’re not basketball people; I’m not a real estate person. That’s why I did it,” he told the DMN.
Cuban also confirmed the sale of the land to “the individuals who purchased the Mavs” to the DMN, which says his companies have owned the property since 2016.
The Mavericks have made it known that they are looking to build a new arena to call home once their lease at the American Airlines Center ends in 2031, and a casino may be included if Texas law allows.
The newly purchased land is one of several sites that had been previously mentioned for a new arena.
The Adelson’s also recently purchased a large amount of land near the old Texas Stadium site in Irving, for which its intentions are still publicly unknown.
The move to sell the team surprised many and, combined with a few other announcements Cuban had recently made, spurred rumors of a potential presidential run. However, Cuban explained to the DMN that real estate expertise was a significant reason behind the sale.
“When I first bought the team, I knew more about the technology and the internet, and all the streaming and everything than anybody else in the NBA. So I had a real advantage there,” he said in an interview. “Now all of that, 23, 24 years later, that’s not the advantage anymore.”
“You saw what the Wizards just did. The advantage is ‘What can you build and where?'” he continued. “You need to have somebody that’s really, really, really good at that. And Patrick, and Miriam are the best, literally, in the world. So when you get a world-class partner who can come in and grow your revenue base so you’re not dependent on the things that you weren’t in the past? That’s a huge win. And they’re good people. They’re committed to Dallas. They’re committed to winning. They’ve got great hearts…”