Dallas, Texas – Last month marked a significant turn in the NBA landscape when Mark Cuban, the high-profile owner of the Dallas Mavericks, made a surprising move by selling his majority stake in the team. This decision brought an end to his 23-year tenure as the majority stakeholder. The buyers were American-Israeli billionaire Miriam Adelson and her family, renowned for owning the Las Vegas Sands casino. The deal was finalized for a staggering $3.5 billion.
Cuban’s relationship with the Mavericks, however, is far from over. He retains control over basketball operations, demonstrating his continued commitment to the team. But this business maneuver is just part of a broader vision Cuban has for the future, a vision that includes the ambitious goal of legalizing sports betting in Texas.
For years, Cuban has been an outspoken advocate for the legalization of gambling in the state. His aspirations go beyond just legal change; he envisions the Mavericks’ future home arena as the centerpiece of a casino resort. In December 2022, Cuban expressed his intentions, saying, “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.”
Nearly a year after these remarks, Cuban elaborated on his plans, revealing that the Adelson family’s involvement would likely include the development of a new area, aiming to create a Venetian-like resort in Dallas. This partnership aligns with Cuban’s long-term objectives and may pave the way for a new era of entertainment in Texas.
Historically, Texas has been resistant to gambling, with repeated rejections of its legalization. However, the Mavericks’ sale to the Adelson family and their subsequent land purchase in Irving near Arlington’s major sports stadiums, could be a game-changer. The Adelson family, through a subsidiary, acquired 108 acres next to the former Texas Stadium, igniting speculation about potential uses, including a resort, casino, and a new arena for the Mavericks.
However, Texas legalizing gambling isn’t a given and relies on more than just Cuban’s influence. The economic benefits, though, might be a compelling argument. Christopher Grove, from the gambling research firm Eilers & Krejcik, highlighted the potential financial impact. In a testimony before the House State Affairs committee in March, he estimated that Texas could generate $2.3 billion in gross gaming revenue after four to five years, with $180 million returning to the state through taxes.
For now, Texas remains in a state of anticipation. As Cuban and other proponents push for the legalization of sports gambling, the state waits to see how this bold vision unfolds. With a blend of sports, business acumen, and a dash of gambling excitement, the future of the Mavericks and Texas entertainment looks intriguingly unpredictable.
