Dr Miriam Adelson, the majority shareholder of global gaming giant Las Vegas Sands Corp, is planning to sell US$2 billion of her shares in the company, equal to around 10% of her stake, in order to acquire a professional sports franchise.
LVS, which operates Singapore’s Marina Bay Sands and holds a controlling interest in Macau concessionaire Sands China Ltd, announced the proposed secondary public offering by Dr Adelson and The Miriam Adelson Trust early Wednesday (Asia time).
While LVS noted it will not receive any proceeds from the sale of the shares, the company said it does intend to repurchase up to US$250 million of the shares being offered. LVS recently confirmed it would look to buy back a total of US$2 billion of its own shares between now and 2025.
According to details contained within the prospectus, LVS expects to acquire 5,148,270 shares at a price of US$48.56 per share.
It added, “We have been advised by the Selling Stockholders that they currently intend to use the net proceeds from this offering, along with additional cash on hand, to fund the purchase of a majority interest in a professional sports franchise pursuant to a binding purchase agreement, subject to customary league approvals.”
No details on which franchise this refers to have yet been forthcoming.
Dr Adelson currently holds a 56% interest in LVS worth around US$20 billion, much of it inherited following the passing of LVS founder Sheldon Adelson in 2021.
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