There is a new sheriff in town for the Dallas Mavericks, and potentially one that could pave the way for gaming’s future in the state. Per multiple reports, Mark Cuban’s blockbuster sale of his majority ownership stake in the Dallas Mavericks to Miriam Adelson and the Dumont family is shaking up the sports world according to an article from Forbes. Once agreed upon and finalized by the NBA Board of Governors, the deal, which has an estimated valuation in the range of $3.5 billion, has potentially far-reaching ramifications beyond basketball considerations. The purchase of a majority stake could be the latest effort by Adelson, Dumon, and the Las Vegas Sands to influence Texas lawmakers to support legislation that would legalize sports betting and casino-style gambling in the state.
For this article, SBS will be covering the latest news coming from Texas and also some more thoughts and notes about Lone Star State wagering
As noted in the same article from Forbes, before the 2023 legislative session in Austin, Cuban was already talking about a potential partnership with the Las Vegas Sands. Long interested in building a new venue to house the Mavericks, he told the Dallas Morning News that he envisioned a new arena as a centerpiece of a large Las Vegas-style casino and resort complex in December 2022. At the same time, efforts by Adelson and Las Vegas Sands, among others, were well underway to build support in Austin for legislation to legalize gambling and approve the construction of casino resorts in major Texas cities.
Per one report, the Las Vegas Sands political action committee, funded by Adelson, gave more than $2 million to political campaigns in the state in 2022. It also hired 89 lobbyists to work in Texas. Their efforts and spending have gained some headway within the legislature and among top-ranking Texas officials. Bills aimed at legalizing gambling had bipartisan support, something uncommon in modern Texas politics. Moreover, Governor Greg Abbott, to whom Adelson donated $1 million in 2022, and House Speaker Dade Phelan expressed a willingness to consider approving legislation that opened the door for casinos to operate.
As noted in the same article, Adelson is “carrying the torch” of her late husband, Sheldon Adelson, who first targeted Texas. The Adelsons, GOP mega-donors who were President Donald Trump’s most significant financial backers during the 2016 presidential campaign, donated $4.5 million in September 2020 to a Texas account affiliated with the Republican State Leadership Committee. This was in an effort to help preserve GOP control of the state House for the 2021 legislative session. During that session, Las Vegas Sands had at least 10 lobbyists advocating for casino gambling legislation in the state. In the lead-up to the session, Andy Abboud, the top lobbyist for the Las Vegas Sands at the time, spoke about Texas becoming a world-class destination for casino gambling and the benefits that gaming could bring to the state.
Cuban accomplished his goal of partnering with Las Vegas Sands, tying the parties together for the long haul. The Mavericks’ 30-year lease at the American Airlines Center expires on July 28, 2031. That gives Cuban, Adelson, Dumont, and Las Vegas Sands seven years to try and overcome stiff legislative challenges and opposition to realize their dreams of a new arena in Dallas and legalized gambling in Texas.
Once you are all squared away regarding the latest gaming news coming from Texas, make sure to check out the wide variety of information available to you at SBS. Of course, for even more notes on the topic at hand, our sports betting in Texas guide has your back when it comes to all the latest and most informative gaming news coming from the Lone Star State. Moreover, for those on the go, the best betting apps rundown is an excellent resource to learn more about the nuances of mobile betting. Finally, if you are uncertain about which payment options are the best for you, the payment methods breakdown has you covered. Here you can learn more about different deposit and withdrawal options from crypto to more traditional banking routes.