Billionaire Miriam Adelson Seeks To Buy Sports Franchise After Selling $2 Billion In Las Vegas Sands Shares

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Top line

Miriam Adelson, the largest shareholder of the behemoth casino chain Las Vegas Sands, is selling $2 billion of her shares to buy the company’s sports franchise. announced Tuesday.

Key facts

The company in A SEC filing “As advised,” Adelson intends to use the proceeds of this sale, along with other cash, to purchase a professional sports franchise — no specific team or league mentioned.

The stock closed Monday at $48.56 a share, but closed down 1.9% at $47.66 on Tuesday, before falling some 4.7% to $45.40 in late afternoon trading.

The shares Adelson is selling represent her 10 percent stake in the company. CNBC.

What should be seen

What sports franchise might Adelson buy? Las Vegas, where the company already has a large footprint, has seen several teams relocate or expand to the metropolitan area over the past six years, including the NFL’s Las Vegas Raiders (formerly the Oakland Raiders), the WNBA’s Las Vegas Aces (formerly the San Antonio Silver Stars) and the NHL’s Vegas Golden Knights ( expansion group). Additionally, MLB’s Oakland Athletics plans to relocate to the Las Vegas area in 2025. The NBA has discussed expanding the league, with commissioner Adam Silver citing CBS that Las Vegas is a city the league is particularly interested in. reported In July. Outside of Las Vegas, the owners of MLB’s Washington Nationals recently publicly searched for buyers.

Forbes price

Adelson and her we guess. Household net worth $32.3 billion, making her the 44th-richest woman in the world and the fifth-richest woman in the world.

Key background

Headquartered in Nevada, Las Vegas Sands has several casinos and resorts in two of the world’s major gambling hubs: the Las Vegas Strip and Macau. It also owns Marina Bay Sands in Singapore and plans to build a new development in Long Island, New York. The company was founded by Sheldon Adelson, who left his 56% stake to his wife, Miriam Adelson, upon his death in 2021.

Tangent

Adelson is a GOP megadonor, using much of her wealth to support various Republican political figures. She and her late husband gave more than $218 million to conservative candidates and causes during the 2020 U.S. election cycle, more than any other donor, according to the Center for Responsive Politics, which tracks political spending. She met with former President Donald Trump and Republican South Carolina Governor Nikki Haley in Las Vegas late last month. Reuters She indicated that she would support one of the two for the presidency. She and her late husband endorsed Trump in 2016 and 2020.

Further reading

Las Vegas Sands to invest $ 6.8 billion in Singapore, Asian casino boom in Macau (Forbes)

Las Vegas Sands stock has remained flat this year despite the Macau acquisition. What’s next? (Forbes)

The richest women in America 2023 (Forbes)



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