Tuesday, November 28, 2023

Mark Cuban sold a majority share in the Dallas Mavericks apparently in the hopes it will lead to legalized gambling in Texas

Marc Stein:

A partnership with Las Vegas Sands Corp., furthermore, would bring significant real-estate and casino-gaming expertise to the Mavericks’ organization that he openly lacks and covets. Cuban, who turned 65 in July, has been saying for years that he hopes to someday build a new arena in Dallas with a casino attached — provided gambling is eventually legalized in Texas.

Cuban specifically told The Dallas Morning News last December: “My goal, and we’d partner with Las Vegas Sands, is when we build a new arena, it’ll be in the middle of a resort and casino. That’s the mission.”

Dallas Morning News in January:

As of the first week of the 2023 session, Las Vegas Sands had brought on at least 63 lobbyists, more than any other company or entity. They’ve pledged to pay their lobbyists up to $5.9 million this year, according to data from the Texas Ethics Commission. Other gaming interests are also investing in lobbyists, the data shows, including sports betting sites like DraftKings and FanDuel and other destination resort companies like MGM Resorts.

Expanding gambling in Texas, especially the push to allow several major casino-resort developments, is a high-stakes issue not just because it would create a new revenue stream for the state, but also because it could be a game changer in terms of tourism and economic development.

From 2021:

Las Vegas "Casino operator stocks with major exposure to Macau fell sharply Tuesday...as China eyes tougher regulations"