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Las Vegas Sands

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sports-business2 years ago

"Mark Cuban's Mavericks: From NBA Team to Casino Dream"

The sale of the Dallas Mavericks basketball team to the families controlling the Las Vegas Sands casino empire highlights the evolving nature of the sports business, where teams are now seen as anchors for larger enterprises such as entertainment complexes. While the exact reasons for Mark Cuban's decision to sell remain unclear, it is speculated that he may be looking to imitate successful ownership control in a new casino and resort integration. However, the plan faces obstacles in Texas where gambling is largely illegal. The sale also allows Cuban to continue running the basketball operations of the team, while potentially benefiting from the future development of a casino complex. The sale has also sparked speculation about the possibility of an NBA team in Las Vegas, as the Adelson family was previously considered a front-runner if the city were to acquire a team.

via The New York Times|
#dallas-mavericks#entertainment-complexes#las-vegas-sands
sports2 years ago

Mark Cuban to Sell Majority Stake in Dallas Mavericks to Adelson Family

Dallas Mavericks owner Mark Cuban is in talks to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company for a valuation of $3.5 billion. The deal would allow Cuban to retain control of basketball operations. The potential buyer, Miriam Adelson, widow of casino magnate Sheldon Adelson, announced the sale of $2 billion of her shares to buy a professional sports team. The sale is subject to league approval and could take several weeks to process. Cuban has expressed interest in partnering with Sands and has been a proponent of legalizing gambling in Texas.

via The Associated Press|
#dallas-mavericks#las-vegas-sands#mark-cuban
sports2 years ago

Mark Cuban to Sell Majority Stake in Dallas Mavericks to Adelson Family

Dallas Mavericks owner Mark Cuban is reportedly in talks to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino, with the deal estimated to be valued at $3.5 billion. Cuban would retain control of basketball operations, and the sale would take weeks for the league to process. The family of Miriam Adelson, widow of casino magnate Sheldon Adelson, announced earlier their intention to buy an unspecified professional sports team.

via NPR|
#dallas-mavericks#las-vegas-sands#mark-cuban
business2 years ago

"After-Hours Surge: NetApp, Workday, Leslie's, Las Vegas Sands, and More Dominate Stock Market"

Workday's stock rose over 6% after beating Q3 estimates, while NetApp climbed nearly 10% on a beat in Q2 earnings and higher-than-expected guidance for Q3. Leslie's stock plummeted over 16% as the swimming supplies company forecasted a wider-than-expected loss for Q1. Jabil shares fell over 8% after issuing a lower revenue forecast for Q1 2024. Las Vegas Sands slipped 3.5% as its largest shareholder, Miriam Adelson, announced plans to sell $2 billion in shares to purchase a professional sports team. The Daily Journal's shares are expected to be active following the death of Charlie Munger, chair and publisher of the newspaper.

via CNBC|
#business#jabil#las-vegas-sands
business2 years ago

Miriam Adelson's $2 billion Las Vegas Sands stock sale fuels sports team acquisition plans

Miriam Adelson, the largest shareholder of Las Vegas Sands, plans to sell $2 billion worth of company stock to fund the purchase of a professional sports team. The specific sport, team, and city have not been disclosed. Las Vegas has become a popular sports destination, with teams like the Vegas Golden Knights and the Las Vegas Aces. Major League Baseball owners have also approved the relocation of the Oakland A's to Las Vegas. Adelson, listed as the fifth richest woman in the world, inherited a majority stake in the casino company after her spouse, Sheldon Adelson, passed away. Las Vegas Sands will buy $250 million worth of Adelson's shares, and the company recently announced a $2 billion share repurchase authorization.

via CNBC|
#business#las-vegas-sands#miriam-adelson
business2 years ago

Las Vegas Sands Soars with Strong Sales and Buyback Plan

Las Vegas Sands, the world's largest casino company, is experiencing a strong recovery from the pandemic, largely driven by its operations in Asia. The company reported $1.12 billion in third-quarter adjusted property EBITDA, just 6% lower than pre-pandemic levels. Marina Bay Sands in Singapore has surpassed pre-pandemic numbers in gaming, retail, and other spending, while Macao's occupancy rates have increased by 96% compared to pre-Covid levels. Las Vegas Sands plans to invest in the expansion of Marina Bay Sands and the construction of The Londoner in Macao. The company also announced a $2 billion share repurchase plan. Sands' strong financial position and investment-grade balance sheet position it well for future projects, including a proposed $5 billion casino resort in New York.

via CNBC|
#asia#business#casino-industry
business2 years ago

"Nvidia's Rapid Growth Puts It Ahead of Competitors"

Las Vegas Sands, a casino operator, is expected to have the highest revenue growth among S&P 500 companies in 2023, surpassing even Nvidia. Analysts predict a 150.7% increase in revenue for Las Vegas Sands, compared to Nvidia's projected 100.5% growth this year. However, despite the strong growth prospects, Las Vegas Sands' stock has only risen 1.1% this year, highlighting investors' preference for tech stocks. Overall, finding companies with significant growth is becoming more challenging as many S&P 500 companies experience slower revenue growth.

via Investor's Business Daily|
#business#las-vegas-sands#nvidia
travel-and-leisure2 years ago

China's new $2 billion resort features replica of London's Big Ben.

The Londoner Macao, a British-themed luxury casino resort in Macau, has opened its doors after a two-year delay due to Covid-19 restrictions. The $2 billion resort, owned by Las Vegas Sands, features replicas of iconic UK buildings such as the Palace of Westminster and the Shaftesbury Memorial Fountain. Visitors can enjoy an Alice in Wonderland inspired afternoon tea or a virtual experience where David Beckham drives through his favorite spots in London. The resort is part of Macau's efforts to diversify its reliance on gambling and boost international tourism.

via CNBC|
#las-vegas-sands#londoner-macao#luxury-resort
business2 years ago

Tesla's net income drops 24% as stock slide rattles carmakers.

Tesla's stock slide of about 7% premarket rattled the broader market, while Las Vegas Sands Corp. shares rose nearly 5% after reporting a "robust" recovery in travel and tourism spending. IBM's stock rose nearly 2% after posting first-quarter revenue about in line with Wall Street estimates, while Ford and General Motors lost about 2.5% apiece as investors worried that the EV sector would suffer an extended period of price cuts. Nokia's U.S.-listed shares sank nearly 7% after missing first-quarter profit expectations and lowering its sales outlook.

via MarketWatch|
#business#ford#ibm
business2 years ago

"Biggest After-Hours and Pre-Market Stock Moves: Tesla, Netflix, United Airlines, and More"

Tesla's shares fell 3.6% after reporting a more than 20% drop in income and GAAP earnings from the same quarter last year, while Las Vegas Sands rose 4.3% after beating expectations for revenue and earnings. IBM's shares rose 2.3% despite reporting lower-than-expected revenue, and Lam Research slid 0.7% after giving weak guidance. Zions Bancorporation's shares dropped 4% after reporting lower-than-expected earnings, and Alphatec tumbled 6.9% after acquiring all assets of REMI Robotic Navigation System from Fusion Robotics for $55 million.

via CNBC|
#business#ibm#lam-research