Miriam Adelson to sell $2 billion in Las Vegas Sands stock as she looks to buy sports team

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Miriam Adelson, the largest shareholder Las Vegas SandsShe is selling $2 billion worth of company stock, or a 10 percent stake. According to advertisement from the company.

The proceeds will be used to purchase the casino company that owns the professional sports team He said on the record Tuesday, although Adelson did not provide specifics on what sport, team or city he will pursue.

“We have currently been advised by the selling stockholders that they intend to purchase a majority interest in a professional sports franchise pursuant to a binding purchase agreement with the intention of using the net proceeds from this offering along with additional cash. Subject to customary league approvals,” Las Vegas Sands said in a filing.

The company’s stock was down 5% after the close on Tuesday.

Since 2017, Las Vegas has become a major sports destination, which could make it an attractive target for Adelson.

The Stanley Cup winners are the Vegas Golden Knights, the two-time WNBA champions are the Las Vegas Aces, the NFL Raiders and one house. Formula 1 Grand Prix. Major League Baseball owners have voted unanimously to allow the Oakland A’s to move to Las Vegas.

There was also speculation about a possible NBA expansion team in Las Vegas as the league has been spending more resources there with the summer league and season competition being held in Vegas.

The NFL, NBA, MLB and NHL did not immediately respond to a request for comment.

Adelson is the fifth richest woman in the world. Forbes. Her husband, Sheldon Adelson, founder of Las Vegas Sands, she and her family inherited a 56 percent stake in the world’s largest casino company. He died in 2021. At the close of trading Tuesday, shares owned by Adelson’s estate were valued at more than $20 billion.

LVS shares are roughly flat year-to-date, an indication that investors are discounting the reopening of casinos in Macau, where the company has the largest real estate footprint in the market, and in Singapore.

Las Vegas Sands said Tuesday it would buy $250 million worth of Adelson’s stock. The company announced on Oct. 18 that it had authorized a $2 billion share repurchase during its third quarter earnings call.

“When considering future capital returns, we believe share buybacks will be more heavily weighted than dividends. Over time, we believe buybacks will be more acceptable than dividends, because they reduce leverage.” and Adelson’s son-in-law, spoke on the earnings call. “We fundamentally believe in the long-term benefits of share repurchases.”

Owning a sports franchise would be a significant departure from what Miriam Adelson and her late husband were known for.

The couple made records Political givingIncluding more than $218 million to Republican and conservative causes in the 2020 election cycle alone; According to the Center for Responsive Politics, Monitors political expenses.

as published reports, Miriam recently met with the GOP candidate. Nikki Haley In Las Vegas, as well as former President Donald Trump.

As a medical doctor, Miriam Adelson is widely known for her focus on addiction.

Born in Israel, he has made significant philanthropic donations to causes that improve Jewish relations in the United States.

– CNBC Jessica Golden Contributed to this article.

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