With Mark Cuban reportedly selling a majority stake of the Dallas Mavericks to the family that operates Las Vegas Sands Corp., there could be a potential impact on the legalization of casinos and sports betting in Texas.
The latter effort's been spearheaded by pro sports teams in the Lone Star State, but nothing has come to fruition to date.
A source told the Dallas Morning News that Cuban will retain operational control of the Mavericks after selling a stake of greater than 50% to Miriam Adelson. She is the widow of casino magnate Sheldon Adelson, whose assets included Las Vegas Sands Corp.
Cuban has been advocate for legal casinos and sports betting in Texas
Cuban previously expressed his desire to build a new arena for the Mavericks in partnership with Las Vegas Sands.
“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," he said. "That’s the mission.”
The Dallas Morning News reported in January that that Las Vegas Sands had hired at least 63 lobbyists and planned to pay them to $5.9 million in the push to expand gambling in the state of Texas.
Is Adelson family buying the Mavs the most expensive and clever lobbying play in history? Eventually dangle a fully private funded new arena in a top 5 US city in exchange for the legalization of casino gaming in Texas and build an integrated casino resort within the same complex
— Dave VanEgmond (@Dave_VanEgmond) November 29, 2023
Miriam Adelson is funding the purchase of the Mavericks in part by selling $2 billion of Las Vegas Sands Corp. stock based on a filing with the Securities & Exchange Commission.
Here’s one of the craziest sentences buried in these stories about Mark Cuban selling the Mavericks:
— Rachel Nichols (@Rachel__Nichols) November 29, 2023
“Adelson is selling $2 billion worth of company stock, or roughly 10% of her stake, to finance the purchase.”
TWO BILLION DOLLARS IS ONLY 10% OF THE COMPANY STOCK SHE OWNS 🤯
Efforts to legalize sports betting in Texas have stalled after legislation didn't receive the requisite support of lawmakers earlier this year. An amendment requires a two-thirds vote from the legislature before Texans can vote on the legalization of sports betting and casino resorts.
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Cuban previously joined forces with other owners of professional sports teams, including Jerry Jones, to form the Texas Sports Betting Alliance (TSBA). The TSBA includes every pro sports franchise, league, motorsports entities, race tracks and sports betting operators.
Gambling venture capitalist Dave VanEgmond observed that the Mavericks were the only major sports franchise in Texas not to have signed a sports betting sponsorship during the recent push for legalization.
"It was odd for them to sit on the sidelines and not take 'free money' from sportsbook sponsorship," VanEgmond wrote on X.
Aside from California, Texas is the biggest prize out there among states that have yet to legalize sports betting. Eilers & Krejcik, an industry-based research firm, estimated that Texas could amass $2.7 billion in annual gross gaming revenue.
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