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Marc Cuban selling Mavs to Adelsons for 3.5B

MrBig

By MrBig
in Daily Texan

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immamac

immamac 43038

Posted
Posted

I didn't read that as vegas in the presser, I read that as a Casino/Resort location - vegas isn't the only place with those now especially with sports betting, but it may be one of the only ones that doesn't have an NBA team already. 

Dallas losing the mavs would be kind of insane, especially since they seem to be doing well there attendance wise

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mdmost

mdmost 43050

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Cuban is hedging that casinos and sports betting is coming to Texas. He keeps talking about the Mavericks next arena (sigh as we're already talking about that for a 20 year old arena) being in casino. I believe he owns land across 35 from the American Airlines Center that's next to the Trinity River. So it will be interesting to see the Adelson gambling interests going up against the Oklahoma gambling interests to keep things as they are. 

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Wally Fairway

Wally Fairway 5586

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7 minutes ago, royiv said:

Cuban must not pay attention to politics in Texas if he thinks casino gambling or sports betting have a chance of legalization in his lifetime.

He knows exactly, and this is how he hedges that option. Casino's and Sports betting in Texas he can benefit from his ownership position and land holdings, and if it doesn't pass he sold at a great price and can be a minority owner of the Vegas High Rollers.

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Nice Guy Eddie

Nice Guy Eddie 13523

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Between this and Cuban announcing that he's leaving Shark Tank, something is up. Not to flip this to CR but there has been rumors of a future Presidential run at some point. Feels late to be jumping into 2024 but then again who knows.

The only other aspect that I can think is that he has some huge tax loss to write off and selling his stake (most) offsets that loss. Otherwise I would guess he would be paying a fortune in capital gains on this sale.

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royiv

royiv 9353

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3 minutes ago, Nice Guy Eddie said:

Between this and Cuban announcing that he's leaving Shark Tank, something is up. Not to flip this to CR but there has been rumors of a future Presidential run at some point. Feels late to be jumping into 2024 but then again who knows.

The only other aspect that I can think is that he has some huge tax loss to write off and selling his stake (most) offsets that loss. Otherwise I would guess he would be paying a fortune in capital gains on this sale.

If he has aspirations of politics, getting into bed with a family as polarizing (to keep it non-CR) as the Adelsons are would be an interesting strategy.

2 minutes ago, MrBig said:

The Texas House voted in May in favor of online sports betting. They voted on a casino proposal as well. Who was the biggest lobbyist for this? The Adelsons. 

IMG_2991.thumb.jpeg.53e130af3908d0bffc81b505854cb505.jpeg

https://www.texastribune.org/2023/05/10/texas-legislature-sports-betting-casinos/

 

 

Gotta get through the Senate and that’s not going to happen any time soon.

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midtown

midtown 3348

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28 minutes ago, royiv said:

Cuban must not pay attention to politics in Texas if he thinks casino gambling or sports betting have a chance of legalization in his lifetime.

Yee have little faith in the power of money and corruption to influence the religious right

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TonyTexas

TonyTexas 10527

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Posted (edited)
19 minutes ago, midtown said:

Yee have little faith in the power of money and corruption to influence the religious right

Tillman Fertitta has more money than Cuban, extensive casino interests and is as corrupt as they get yet hasn’t been able to do anything about it for the last 20 years that he’s been trying. 

Edited by TonyTexas
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hornmpa96

hornmpa96 2620

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1 hour ago, TonyTexas said:

Tillman Fertitta has more money than Cuban, extensive casino interests and is as corrupt as they get yet hasn’t been able to do anything about it for the last 20 years that he’s been trying. 

Once Tillman put the Nugget in Lake Charles, he has limited interest in Texas casinos as it would destroy that business.

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atomheartbevo

atomheartbevo 89792

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5 minutes ago, mycox said:

Texas would see billions of extra tax revenue if Mark Cuban and Tilman Fertitta were allowed to open casinos. 

Oklahoma and Louisiana gaming interests have the Texas Senate/Patrick bought off though, so it ain't happening.

We've all seen the ads they've been running for years, both the Sands ads to bring gambling here, and the OK/LA-backed ads about how it would destroy Texas.

Edited by atomheartbevo
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royiv

royiv 9353

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23 minutes ago, hornmpa96 said:

Once Tillman put the Nugget in Lake Charles, he has limited interest in Texas casinos as it would destroy that business.

He would gladly destroy that business in exchange for getting sports gambling at the Toyota Center and a casino in downtown Houston.

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Liquor and Poker

Liquor and Poker 3659

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2 hours ago, royiv said:

Cuban must not pay attention to politics in Texas if he thinks casino gambling or sports betting have a chance of legalization in his lifetime.

Steve Wynn couldn't get it done with the casino on Buffalo Bayou, nor could the Pratt family and Caesar's. But gambling (sports gambling, at least) is much more ubiquitous/mainstream than it was then.

5 minutes ago, BeardIP said:

A Cuban for President; Florida will vote 100% for him.

Miami, but not Jacksonville

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Boss Hogg

Boss Hogg 808

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Posted (edited)

You have to remember that Mark Cuban did about the best top tick ever when he cashed out on broadcast.com. Maybe he sees a similar bubble in sports franchises and wanted to get some liquidity out?

 

With streaming are TV revenues for sports topping? Idk. Just a thought. 

Edited by Boss Hogg
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Chopper

Chopper 17245

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3 hours ago, mycox said:

Texas would see billions of extra tax revenue if Mark Cuban and Tilman Fertitta were allowed to open casinos. Although congress would not have the mental ability to spend it wisely.

I have no idea how much extra tax revenue would be generated, although I don't see it doing much overall for New Jersey, Louisiana or Oklahoma, but putting that aside there's another problem with your statement.

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Updawg

Updawg 2286

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Posted
Tillman Fertitta has more money than Cuban, extensive casino interests and is as corrupt as they get yet hasn’t been able to do anything about it for the last 20 years that he’s been trying. 

Does Tillman really have more? I would have thought the opposite
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Deej

Deej 76917

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4 hours ago, mycox said:

Texas would see billions of extra tax revenue if Mark Cuban and Tilman Fertitta were allowed to open casinos. Although congress would not have the mental ability to spend it wisely.

Now imagine if those casinos sold weed. 

 

1 hour ago, Boss Hogg said:

Also I don’t read much into quitting shark tank. How many times do you have to watch amateur pitches and pretend to be impressed?

 

download (13).jpeg

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Guest

Guest

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Posted
21 hours ago, RPM said:

Casino Dallas. Flipping Texas to casino gambling > LV move. By a factor of kajillion.

I already semi-like Cuban.  I like how he challenges shit with the league and whatnot.  If he pulls the bolded part off/ or at least gets to influence it, God bless him.

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Blotto

Blotto 23574

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Posted

I don't believe any of the bullshit those Shark Tank clowns claim. Here's an example of why...

Quote

The founders of The Comfy, brothers Brian and Michael Speciale, first appeared in season 9 of the show in 2017. They were originally seeking $50,000 for a 20% stake in the company.

In a Season 10 update episode the brothers shared that within five weeks of being on “Shark Tank,” they hit their first $1 million in sales and in less than a year they hit $15 million in sales.

“They made me $468 million in three years,” Corcoran said. “Nobody wanted it... I never anticipated.”

I seriously doubt that business ever generated $468M in sales, much less enough profit to return that much money to a minority investor. 

https://www.forbes.com/sites/conormurray/2022/12/23/co-creator-of-the-comfy-a-shark-tank-hit-fights-to-keep-company-afloat/?sh=1505988c7894

But she has made that claim numerous times. Its entertainment, not reality. 

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