Adelson sells $2 billion in stock to pursue pro sports team

LAS VEGAS (KLAS) — Billionaire Miriam Adelson is selling $2 billion in Las Vegas Sands stock to purchase a pro sports team, according to documents.

Adelson, the casino giant’s largest shareholder, intends “to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise,” documents filed with the U.S. Securities and Exchange say.

The documents do not reveal if a deal has already been negotiated, or even if the team would be in Las Vegas.

The announcement could signal a move to bring an NBA team to Las Vegas, but other sports could also be the focus. Las Vegas Sands no longer owns the Venetian or Palazzo hotels after selling them to Apollo Global Management for $6.25 billion in 2021. Sheldon Adelson died on Jan. 11, 2021. The company is now focused on its overseas gaming properties in Macau and Singapore, but company headquarters remain in Las Vegas.

The shares represent about 10% of Miriam Adelson’s stake in the company, according to a report from CNBC.

The Adelson family was involved in early efforts that brought the Raiders to Las Vegas, but Sheldon Adelson’s offer to finance the stadium wasn’t part of plans that moved forward.

This is a developing story. Check back for updates.

Original News Source Link – KLAS

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