A business entity connected to Las Vegas Sands Corp. bought 108 acres across from the former Texas Stadium site in Irving months before the gambling empire’s matriarch made a deal to acquire a controlling stake in the Dallas Mavericks.
The land sold in July to a limited liability corporation called Village Walk RE 2 LLC. State records show the LLC’s taxpayer mailing address as 5420 S. Durango Dr. in Las Vegas, which also is the business address for Sands.
Sands’ majority shareholder Miriam Adelson and her son-in-law, Sands president Patrick Dumont, shocked the basketball world when they struck a $3.5 billion deal with Mavs owner Mark Cuban two weeks ago. The deal still needs to be finalized and approved by the NBA Board of Governors.
It isn’t immediately known what the Sands entity intends to do with the property, but the city of Irving has long sought a marquee project for the site. Texas Stadium, the former home of the Dallas Cowboys, was demolished in 2010 and the site has since been used as a highway construction staging area.
Ron Reese, a spokesman for Sands, confirmed the purchase and said it’s part of the company’s longstanding interest in Texas and Dallas-Fort Worth.
“We build buildings of significant size and scale,” Reese said. “This particular transaction certainly gives that opportunity, but there’s likely to be future purchases in the area.”
Reese said Sands has been clear in its desire to build an integrated resort property in D-FW. He also said the purchase is unrelated to the Adelson family’s deal with the Mavs, noting they’re two separate entities and that the land purchase happened “well in advance.”
“Sands purchased this in anticipation of at some point its long-held desire to build an integrated resort property,” Reese said. “The company builds things of size and scale, and additional purchases down the road shouldn’t be surprising and could candidly be expected.”
Efforts to expand gambling, including the resorts envisioned by Sands, have stalled for years in the state legislature but made progress during this year’s legislative session. A bill that would let voters decide on destination casino resorts made it to the House floor before dying.
In July, Irving economic development director Beth Bowman declined to identify the buyer. D Magazine was the first to report the connection to Sands.
“Yes, we are aware of the recent transaction,” she wrote in an email to The Dallas Morning News at the time.
Contacted Friday, Bowman said in an email that “our team is unable to comment on specific details related to” the property.
City leaders “believe the former stadium site is one of the most exciting development opportunities in the North Texas region and are committed to unlocking its vast potential with a transformational project that will drive economic success for our city and region for generations to come,” she said.
The 108-acre property connected to Sands Corp at S.H. 114 and Loop 12 was previously the North Texas trucking terminal for Central Freight Lines, which went out of business. It’s connected to the old Texas Stadium site across State Highway 114 by a new $45 million bridge.
A $355 million project connecting state highways 114, 183 and Loop 12 is expected to be completed in 2025.
The city’s plan is to develop over 400 acres, including the almost 80 acres the former Texas Stadium occupied, into a mixed-use development with housing, retail and entertainment. It envisions the city-owned property being used for “corporate headquarters, an international business district, retail, and services, with a mix of residential buildings in a walkable urban environment, accessible to the region and the globe,” according to the city of Irving’s website.
Both Cuban and Sands officials have said they would like to put a new arena for the Mavericks in a complex that could eventually include a casino resort. Cuban has previously said he’d like the new arena to stay in downtown Dallas and that the team wouldn’t leave Dallas after the sale.
Earlier this week, some Dallas City Council members indicated they want the city to start working now to prevent the NBA franchise from moving. Members of the council’s ad hoc committee on pro sports recruitment and retention say that includes being open to a new arena for the team and some are prepared to get behind the vision of a connected casino-resort in Dallas.
“I will say on the record the team is not moving anywhere,” Cuban previously told The News in an email. “We are the Dallas Mavs.”
Dallas city council member Zarin Gracey, the chair of the ad hoc committee, had no comment on the purchase Friday but said “Dallas loves the Mavs and appreciates Mr. Cuban’s leadership and the many contributions he and his team have made to the community.”
“Ownership changes may occur, but Dallas is a proud home to champions,” Gracey said in a message. “We look forward to our Dallas Mavs playing and staying in our city for years to come.”
Cuban told The News in December 2022 he hoped to team with Sands to build an arena in the middle of a resort and casino in Dallas. But Texas would have to legalize gambling first.
“Texas is such an amazing state that we need to be a destination. And this is the way to do it,” Cuban said then. “And partnering with the Sands Corporation, literally there’s no reason why we can’t build a huge resort destination in the city proper of Dallas. There’s plenty of places to do it.”
The Mavs share American Airlines Center with the NHL’s Dallas Stars. Officials with the Stars say they want their team to stay at the arena for the foreseeable future. The lease agreements for the Mavericks and the Stars at the arena expire in July 2031.
Research editor Erin Sood contributed to this story.
