Missing out on revenue
Dallas Mavericks owner Mark Cuban wants to build a new arena in the middle of a casino resort if gambling options expand in the state.
would partner with casino company Las Vegas Sands
He outlined the ambitious project to Dallas News in an interview this week. As part of his plans for the NBA team, Cuban said he would partner with casino company Las Vegas Sands (LVS) on the new build in the city of Dallas.
He believes that Texas is missing a trick when it comes to attracting more people to the state through casino resorts. Billions of dollars would go to the state if casino resorts became legal in Texas, according to Cuban.
Teams and operators in support
All major sports teams in Texas have already publicly backed the legalization of casino gambling. They came together in 2021 to create the Sports Betting Alliance, with the main aim to legalize sports betting.
Cuban is the first of the major sports team owners to publicly outline his hopes to partner with a casino company for an arena development. That said, Houston Rockets owner Tilman Fertitta could have a strong opportunity for a similar plan given his existing ownership of Golden Nugget casinos in five different states.
LVS is one of the big pushers for casino resorts in Texas. It has lobbied for a number of years on the matter, with the company backing previously failed attempts to pass bills for gambling expansion. In the past, LVS has funded television ad campaigns outlining how five-star casino resorts in Texas could create thousands of new jobs and generate significant revenue.
A complex issue in Texas
Texas has long been a very conservative state when it comes to gambling. The only forms of existing legal gambling include the state lottery, horse and greyhound betting, as well as some tribal gaming options.
Attempts by lawmakers in recent years to expand gambling laws have met stiff resistance. Two of the main opposition groups are lawmakers who believe that gambling expansion will have unsavory social consequences and Christian conservatives who cite moral reasons for opposing expansion.
allow voters to decide if they want to make betting legal
Lawmakers aren’t giving up on the matter, with Senator Carol Alvarado recently filing Senate Joint Resolution 17. It is up for consideration in the next legislative session beginning in January. The resolution calls for a constitutional amendment to allow voters to decide if they want to make betting legal. The amendment would also allow up to four destination casino resorts in major Texas cities.
Senator Alvarado welcomed Cuban’s comments on Thursday, saying: “Hopefully he’ll use his clout and resources to help get us across the finish line.” She labeled Cuban an intelligent businessman who realizes the huge potential of gambling expansion in the state.