Dallas Mavericks owner Mark Cuban told LSR in May that he had less interest in legalizing Texas sports betting than resort and casinos.
Cuban has been open about his quest to partner with Las Vegas Sands to build a resort and casino adjacent to his team’s next arena, should legislation (which could include Texas sports betting) ever pass.
Cuban will reportedly sell a majority stake in the Mavericks to Miriam Adelson, the widow of Las Vegas Sands chairman and CEO Sheldon Adelson, at a $3.5 billion valuation. Las Vegas Sands announced Tuesday that Miriam is selling about $2 billion worth of LVS stock to help pay for the stake.
Impact of Cuban selling majority stake
The move appears to only strengthen Cuban’s resort and casino expansion efforts. LSR reached out to Cuban for comment but had yet to hear back by publication.
However, expanding gambling, including sports betting, in the Lone Star State has proven to be an impossible lift so far.
Resort and casino legislation did not make it past the House. Meanwhile, online sports betting legislation reached the Senate for the first time before meeting defeat.
Patrick: No Texas sports betting please
Lieutenant Governor Dan Patrick has been insurmountable in his opposition.
Patrick will be in power through 2026, making a roadmap to legalization difficult to envision.
“I think it changes the dynamics, especially in solidifying Las Vegas Sands’ interest in the DFW metroplex,” veteran gaming analyst Brendan Bussmann told LSR. “You’ve still got stakeholders in Texas, though, that are not likely changing their minds on gambling unless the rest of the caucus moves into a positive category on gaming.
“I’m a firm believer in Dr. Adelson, and time will tell. But I’m not holding my breath on Patrick.”
Texas sports betting hopes for 2025
LSR previously detailed why, other than Patrick, legalizing Texas sports betting remains daunting.
Dallas Cowboys owner Jerry Jones was vocal in his desire to add sports betting, yet Cuban felt different. So even major players with political gravitas were not on the same page.
“At the end of the day, the Patrick obstacle was one even Jerry Jones couldn’t overcome,” an industry source told LSR.
Casinos, though, appear to have a more significant backing now: “I definitely think this raises the stakes for land based casinos (of which sports betting will be part of) since they can use building a new arena as part of an integrated casino resort/entertainment destination,” an industry source said.
Why Cuban wants resort and casinos
Cuban had previously sent an expansive email to LSR, arguing that any resort and casino legislation should be seen as a tourism bill rather than a gambling bill.
“I think what is misunderstood about the bill is that it is not a gambling bill as much as a tourism bill,” Cuban wrote. “Gambling is certainly a hook, but the real value to the state is to be a destination that people around the country and the world plan a year in advance and save to go to.
“Texas is an amazing state, but there are not destinations that families, weddings, conferences and events dream of going to all year round. Ask your out-of-state friends how often they have saved up to bring their family to Texas. Ask anyone how often they look forward to coming here during the summer. You already know the answer.”
