"I will have more to say once I receive official approval from the WNBA board of governors and have had a chance to speak with the players, coaches, and administrators of the team," Davis said in a statement.
Financial details of the purchase weren't immediately provided.
MGM Resorts had owned the franchise since 2017, shortly before the team's relocation from San Antonio.
"Mark is a longtime champion of women’s basketball and we believe he is the right person to lead the Aces into a new era," said George Kliavkoff, the resort chain's president of entertainment and sports. "We will continue our enthusiastic support of the WNBA, NBA, and basketball in Las Vegas."
The Aces have yet to win the WNBA championship since the franchise was founded in 1997 as the Utah Starzz. Las Vegas did play in the WNBA Finals last season against the Seattle Storm, but the club was swept 3-0.