Las Vegas Sands (LVS) shares tumbled following word that Miriam Adelson and her family, the casino operator's largest shareholder, would be selling $2 billion worth of stock so she could purchase a majority stake in the Dallas Mavericks NBA team from billionaire Markꦺ Cuban.

Las Vegas Sands indicated in a prospectus offering filed with the 澳洲幸运5官方开奖结果体彩网:Securities and Exc🍸hange Commission (SEC) that the sale by the Adelsons would involve 41,186,161 shares based on an assumed public offering price of $48.56 per share, which was the last reported sale price on the 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange (NYSE) Monday. The total shares represented about▨ 10% of the Adelsons' stake ܫin the firm.

The company indicated it had been advised that the selling stockholders intended to use the money "to fund the purchase of a majority interest in a professional sports franchise." It's been reported that Cuban would receive $3.5 billion and will retain a stake in the team. He bought the club in 2000 for $285 million.

Las Vegas Sands added that, after the Adelson sale, it planned to buy back $250 million in stock, or 5,148,270 shares, based on the same offering price.

Including today's losses, shares of Las Vegas Sands are down around 8% for 2023.