Las Vegas Sands, one of the biggest casino operators, is facing a downturn as its largest shareholder, Miriam Adelson, plans to sell $2 billion worth of shares, approximately 10% of her stake in the company. Adelson aims to use the proceeds to acquire a majority interest in a professional sports franchise. Recent reports indicate that she is eyeing the Dallas Mavericks, planning to purchase a majority stake from entrepreneur Mark Cuban.
Currently, Adelson and a family trust in her name own around 57% of Las Vegas Sands stock. Following the offering, their ownership will decrease to approximately 52%. The offering price per share is set at $44, and the transaction is expected to conclude on Friday. Additionally, Las Vegas Sands has announced its intention to repurchase up to $250 million of shares in the offering.
While such large stock sales often trigger volatility in the market, investors should not be too concerned about this development. Miriam Adelson’s motivation for the sale is clear—she is determined to fulfill her dream of owning an NBA team. By leveraging her Las Vegas Sands stocks, she is making this dream a reality.
As for the stock performance, Las Vegas Sands experienced a slight decline of 0.8% at Tuesday’s close, and it is anticipated to drop by 4.4% at Wednesday’s opening. On the other hand, Wynn Resorts stock saw a minor increase of 0.5%, while MGM Resorts International climbed 1.3%.