Dallas casino buzz continues with Las Vegas Sands digging around (NYSE:LVS)
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There are more reasons to think that Las Vegas Sands (NYSE:LVS) may have long-term plans to open a casino in the Dallas area. Property records in Dallas indicate that Las Vegas Sands Corp. (LVS) purchased around 100 acres of land near the old Texas Stadium site in the suburb of Irving. The Dallas Central Appraisal District records show the property swapped hands in July to Village Walk RE 2 LLC for $22.4M. What makes the transaction interesting is that Village Walk RE 2 LLC’s address in Las Vegas is the same as the Las Vegas Sands (LVS) corporate headquarters. The real estate transaction took place just a few months before Miriam Adelson sold a $2B block of LVS shares to free up funds to buy a stake in the Dallas Mavericks from Mark Cuban.
Last week, Mark Cuban told local media that he is confident that Texas will eventually legalize casino gambling and set up the major cities in the state to be tourist attractions. "I think if resort casinos pass, Dallas becomes a top five travel destination in the country," he stated. "Which is why I think, at some point, it will... Imagine creating a Venetian or Bellagio that you've seen in Vegas … in Dallas, in Austin or in Houston," he added.
Industry insiders think that the development timeline for a major resort complex in the Dallas region could be as long as seven to eight years, a period of time during which politicians would also have to approve legislation for voters to approve.
Las Vegas Sands Corp. (LVS) is also making moves in Macau. The casino company is planning to increase its stake in Macau subsidiary Sands China Ltd (OTCPK:SCHYY) with a purchase of up to $250M worth of shares, according to a recent filing.
