The widow of Las Vegas Sands founder Sheldon Adelson, Miriam Adelson, has decided to sell $2.00bn (£1.57bn/€1.82bn) of stock in the business. She plans to help fund the purchase of a majority interest in the Dallas Mavericks, which is currently owned by Mark Cuban.
Miriam Adelson’s sale represents around 10% of her total holding in Sands. The total number of shares being made available is 41,186,161 at $48.56 each, which was the closing price of Sands’ common shares on 27 November.
The Adelson family currently holds approximately 56.4% of the business, with 427,894,129 shares in Sands. After the sale, this would be reduced to around 46.0%, maintaining their majority holding.
The sale includes 6,480,883 shares personally owned by Adelson, and 34,705,279 held by the Miriam Adelson Trust. Adelson will retain 386,707,968 of Sands shares, while the Trust will sell its entire holding in the offering.
Additionally, Sands plans to repurchase up to $250.0m of shares at the same price as the expected public offering price. The share repurchase program will expire on 3 November 2025.
It was confirmed that Sands would not receive any proceeds from the sale, as Adelson intends to use the funds to purchase a majority interest in a professional sports franchise, in addition to the cash on hand.
While it was not revealed in the press release which sports franchise Adelson is pursuing, reports suggest that she is seeking to acquire a majority stake in the NBA basketball team, the Dallas Mavericks, for around $3.50bn. Any potential deal remains subject to a binding purchase agreement and customary league approvals.
Miriam Adelson has been serving as a co-founder and special advisor at Sands, previously holding the position of director of community involvement from August 1990 to February 2021.
Sands founder Sheldon Adelson passed away in January 2021. Sands has continued to thrive under the leadership of Robert Goldstein, who took over as chairman and CEO on an interim basis.
Sands has reported a positive Q3, with revenue increasing by 178.1% to $2.80bn, driven by the rebound in its core markets of Macao and Singapore. This growth has led Sands to continue to perform well, with strong numbers in revenue and net profit for the year to date.