What's Going On With Las Vegas Sands Stock Wednesday?

Las Vegas Sands Corp LVS shares are trading lower Wednesday after the company announced its majority shareholder is selling $2 billion worth of its stock.

What Happened: Late Tuesday, Las Vegas Sands announced the pricing of a common stock offering by Miriam Adelson and The Miriam Adelson Trust. The selling stockholder will offer shares at $44 per share. The offering is expected to close on Dec. 1. The company will not receive any proceeds from the sale.

In a regulatory filing, Adelson disclosed that she intends to use the proceeds to fund the purchase of a majority interest in a professional sports franchise. Several new reports suggest she plans to buy a majority stake in the Dallas Mavericks from billionaire investor Mark Cuban.

In connection with the offering, Las Vegas Sands said it will repurchase 5,783,021 shares in the offering for approximately $250 million. 

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LVS Price Action: Las Vegas Sands shares were down 3.9% at $45.80 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Las Vegas Sands.