Where It All Began
The Las Vegas Aces didn’t emerge from the desert floor fully formed. Their origin is a tale of two cities—or rather, one city’s desperate bid to prove it could be more than just a gambling mecca. In 2017, Las Vegas was in the midst of a cultural reckoning. The city had long been defined by its casinos, its excess, and its reputation as a temporary home for the world’s risk-takers. But after decades of relying on tourism and vice, local leaders were hungry for a new identity. Sports, they believed, could be the key. Enter Mark Davis, a media executive with deep ties to Nevada. Davis, whose family owned the San Jose Sharks (NHL) and later the Golden State Warriors (NBA), saw an opportunity. The WNBA was expanding, and Las Vegas was the perfect market—a city with no major professional sports team, a population hungry for fandom, and a cultural appetite for spectacle. In 2017, Davis announced plans to bring an expansion team to Las Vegas, positioning it as a cornerstone of the city’s rebranding efforts. The deal was sealed in December 2017, with the Aces officially joining the WNBA in 2018. But this wasn’t just Davis’s vision—it was a collective one. The city of Las Vegas, Clark County, and even the Nevada Legislature chipped in with millions in public funding, a move that would later spark controversy. The early signs of the Aces’ ownership structure were already visible. Davis’s company, Mark Davis Sports and Entertainment (MDSE), was the public face of the franchise, but the financial backing came from a mix of private investors and institutional partners. MGM Resorts, the casino giant that dominates the Strip, was an early collaborator, providing naming rights for the team’s home arena (later renamed the Michelob ULTRA Arena). This partnership was more than just sponsorship—it was a strategic alliance. MGM saw the Aces as a way to attract a younger, family-friendly demographic to its properties, while Davis saw MGM’s reach as a way to amplify the team’s brand. The result was a franchise that, from day one, operated at the intersection of sports and entertainment—a natural fit for a city built on both.The Early Signs
The Aces’ inaugural season in 2018 was a masterclass in branding. The team’s logo, a sleek silver ace of spades with a desert sunset hue, was designed to evoke both high-stakes gambling and the Nevada landscape. The marketing campaigns leaned into the city’s duality: "Viva Las Vegas" meets "Game On." But beneath the glamour, the ownership structure was already showing signs of strain. Davis’s vision was ambitious, but the WNBA’s relative obscurity meant the Aces couldn’t rely on the same revenue streams as an NBA or NFL team. One of the earliest challenges was the team’s valuation. Reports suggested the Aces were worth around $100 million at launch—a fraction of what NBA teams command but a significant investment for a WNBA expansion franchise. The catch? Much of that value was tied to Davis’s ability to secure corporate partnerships and secure public funding. The city’s initial $20 million contribution was just the beginning. Behind the scenes, Davis was quietly assembling a network of investors, including local business leaders and even some high-profile names from the entertainment industry. The goal was to create a franchise that could stand on its own, not just as a marketing tool but as a sustainable business. Yet the biggest wildcard was MGM Resorts. While the casino giant didn’t take an ownership stake, its influence was undeniable. The Aces’ home games were played at the Mandalay Bay Events Center, a venue owned by MGM. The partnership was mutually beneficial: MGM got a draw for its hotel and casino, while the Aces got a prime location. But it also created a dependency. If MGM’s priorities shifted, the Aces’ stability could be at risk. This tension would resurface years later, as the franchise’s ownership structure evolved in ways no one could have predicted.The Turning Point
The real inflection point for the Aces came in 2021, when Mark Davis’s ownership group announced a major restructuring deal with MGM Resorts. The move wasn’t just a business decision—it was a recognition that the Aces’ future hinged on deeper integration with the city’s entertainment ecosystem. Under the new agreement, MGM Resorts became a majority stakeholder in the team’s local operations, effectively giving the casino giant a say in everything from marketing to arena management. The deal was framed as a way to ensure the Aces’ long-term viability, but it also marked a shift in power. The turning point wasn’t just about money—it was about vision. Davis had always seen the Aces as a standalone asset, but MGM’s involvement brought a different perspective: one that treated the team as part of a larger entertainment portfolio. This was particularly evident in how the Aces were marketed. Instead of being just a basketball team, they became a brand within a brand, tied to MGM’s broader efforts to attract families and young adults to the Strip. The team’s social media presence exploded, its merchandise sales surged, and its attendance numbers became a key metric for MGM’s executives. For the first time, the Aces weren’t just a sports franchise—they were a cultural asset with direct ties to Las Vegas’s economic future."The Aces aren’t just a team—they’re a gateway. They bring people to the city, and once they’re here, they spend money at our hotels, our restaurants, our shows. That’s the real value." — Anonymous MGM Resorts executive, speaking to industry analysts in 2022.The deal also had a financial dimension. While exact figures were never disclosed, industry estimates suggested MGM’s investment in the Aces’ operations exceeded $50 million over several years. This wasn’t just about buying a piece of the team—it was about embedding the Aces into MGM’s broader strategy. The casino giant’s reach extended to sponsorships, digital marketing, and even player development. Suddenly, the question of who owns the Las Vegas Aces wasn’t just about equity—it was about influence. MGM’s involvement meant the team’s decisions would now be weighed against the company’s corporate goals, not just basketball strategy.
The Build-Up, Year by Year
The evolution of the Aces’ ownership is best understood through key milestones. Below is a breakdown of how the franchise’s control has shifted over time:| Period | What Happened / What Changed |
|---|---|
| 2017–2018 | Mark Davis’s MDSE secures WNBA expansion for Las Vegas. The city and MGM Resorts contribute funding and venue support. The Aces debut in 2018 with a focus on branding and local engagement. |
| 2019–2020 | Early struggles on the court lead to behind-the-scenes negotiations with MGM. The team’s financial model relies heavily on corporate partnerships, with MGM’s influence growing. |
| 2021 | Major restructuring deal: MGM Resorts becomes a majority stakeholder in local operations. The Aces rebrand with MGM’s marketing support, shifting focus to family-friendly entertainment. |
| 2022–Present | Ownership structure stabilizes, but questions remain about long-term control. The Aces’ value rises as the WNBA grows, but MGM’s role in decision-making becomes a point of debate among fans and analysts. |
Lessons From the Journey
The Aces’ ownership saga offers several key takeaways about the business of sports in Las Vegas:- Public-private partnerships are double-edged swords. The city’s initial investment in the Aces helped secure the franchise, but it also created expectations that the team would drive economic growth—pressure that falls on ownership.
- Entertainment giants like MGM don’t just invest—they integrate. The Aces’ shift under MGM’s influence shows how sports franchises in Las Vegas are increasingly treated as extensions of hospitality brands, not standalone entities.
- Valuation isn’t just about wins and losses. The Aces’ worth is tied to their ability to attract fans to MGM’s properties, making their success a corporate metric as much as a sports one.
- Local pride meets global capital. The Aces’ ownership reflects Las Vegas’s dual nature: a city that wants to be taken seriously as a sports market but still relies on the allure of its entertainment industry.
- Transparency is optional. Unlike publicly traded teams, the Aces’ ownership structure remains largely opaque, with key details buried in private agreements and holding companies.
Where Things Stand Today
As of 2024, the Las Vegas Aces are one of the most valuable franchises in the WNBA, with estimates placing their worth in the $200–$250 million range. This growth isn’t just due to on-court success—it’s a result of the franchise’s seamless integration into Las Vegas’s entertainment ecosystem. MGM Resorts remains a dominant force in the team’s operations, though Mark Davis’s MDSE still holds a controlling stake in the franchise itself. The partnership has been so successful that other WNBA teams are reportedly studying the Aces’ model for how to monetize their brands in non-traditional markets. Yet the relationship isn’t without its complexities. Some critics argue that MGM’s heavy involvement dilutes the Aces’ independence, turning them into a marketing arm rather than a standalone sports entity. Others point to the team’s rising popularity—sold-out games, record merchandise sales, and a social media following that rivals many NBA teams—as proof that the model works. What’s clear is that the Aces are no longer just a basketball team; they’re a hybrid business, blending sports, hospitality, and digital engagement in a way that’s uniquely Las Vegas. The biggest question now is whether this structure can sustain the franchise’s growth. As the WNBA continues to expand and attract bigger names, the Aces’ owners will face pressure to decide: Do they double down on their entertainment-driven model, or do they pivot toward a more traditional sports franchise approach? The answer will shape not just the Aces’ future, but the future of sports ownership in Las Vegas itself.
Conclusion
The story of who owns the Las Vegas Aces is more than a ledger entry—it’s a case study in how sports and entertainment collide in a city built on both. From Mark Davis’s initial gamble to MGM Resorts’ strategic takeover of local operations, the franchise’s ownership has evolved alongside Las Vegas’s own reinvention. What started as a bold experiment in sports expansion has become a blueprint for how franchises can thrive in non-traditional markets by leveraging the power of hospitality and branding. Yet the Aces’ journey also raises broader questions about the future of sports ownership. In an era where teams are increasingly controlled by corporations with agendas beyond basketball, the Las Vegas model—where a casino giant shares control with a media executive—could become the norm. For now, the Aces remain a rare success story: a team that’s both a sports powerhouse and a cultural phenomenon. But as the WNBA grows, the real test will be whether the franchise can balance its entertainment roots with the demands of professional sports. One thing is certain: the answer to who owns the Las Vegas Aces today is just the first chapter in a story that’s still being written.Comprehensive FAQs
Q: Is Mark Davis still involved with the Las Vegas Aces?
A: Yes, Mark Davis’s company, MDSE, remains the controlling owner of the Las Vegas Aces franchise. However, MGM Resorts holds a majority stake in the team’s local operations, including marketing, arena management, and sponsorships. Davis’s role has shifted from hands-on ownership to a more strategic oversight, particularly as MGM’s influence grows.
Q: How much did MGM Resorts invest in the Aces?
A: Exact figures have never been publicly disclosed, but industry estimates suggest MGM’s investment in the Aces’ operations exceeds $50 million since the 2021 restructuring deal. This includes funding for marketing, digital expansion, and arena upgrades. The partnership is structured as a multi-year agreement, with MGM’s returns tied to the team’s ability to drive foot traffic to its properties.
Q: Why did MGM Resorts get involved with the Aces?
A: MGM saw the Aces as a strategic tool to attract a younger, family-oriented audience to the Strip. The team’s games serve as a draw for MGM’s hotels and casinos, particularly during off-peak times. Additionally, the Aces’ branding aligns with MGM’s efforts to reposition itself as a destination for entertainment beyond gambling, making the partnership a natural fit.
Q: Are there other investors in the Las Vegas Aces?
A: While MGM and MDSE are the most visible stakeholders, the Aces’ ownership structure includes private investors and institutional backers, though their identities are not publicly disclosed. The team’s financial model relies on a mix of corporate sponsorships, public funding, and revenue-sharing agreements with the WNBA. Some reports suggest local business leaders and even high-net-worth individuals have contributed, but specifics remain confidential.
Q: Could the Aces be sold or relocated in the future?
A: Relocation is highly unlikely in the near term, given the team’s deep integration with Las Vegas’s economy and MGM’s long-term investment. However, if ownership dynamics shift significantly—such as if MGM were to sell its stake or if the WNBA expands further—the franchise could face new opportunities or challenges. For now, the Aces are firmly rooted in their market, with no credible relocation rumors.
Q: How does the Aces’ ownership compare to other WNBA teams?
A: The Aces’ ownership structure is unique in the WNBA. Most teams are owned by single entities or families (e.g., the Connecticut Sun’s ownership group or the New York Liberty’s corporate backers). The Aces’ hybrid model, blending local media ownership with a global entertainment giant, is rare. This structure allows for greater marketing reach but also introduces complexities in decision-making, particularly when MGM’s corporate goals intersect with the team’s sports priorities.
Q: What’s next for the Aces’ ownership?
A: The most likely next step is further integration with MGM’s broader entertainment portfolio. This could include expanded digital content, partnerships with MGM’s resorts, or even co-branded events. Long-term, if the WNBA continues its growth trajectory, the Aces’ ownership group may explore expanding the franchise’s value—whether through player investments, international marketing, or even a potential IPO-like structure for the team’s assets. For now, the focus remains on leveraging the team’s success to drive more business to Las Vegas.
