by NEW YORK, NEW YORK – DEC 03: Dallas Mavericks owner Mark Cuban looks before the game starts … [+]
Dallas Mavericks president Mark Cuban hasn’t been shy about speculating about the future home of his NBA team. While the Mavericks currently play at the American Airlines Center about a mile north of downtown Dallas, Cuban envisions the team’s future digs as something larger and more majestic than a simple arena.
Cuban now sees the new Mavericks arena as a potential economic driver for the city and state as the centerpiece of a Las Vegas-style casino and resort located in the heart of Dallas.
“When we build a new arena that we will partner with and Las Vegas Sands, it will be in the middle of a resort and a casino,” Cuban said. Dallas Morning News. That’s the task.
There is just one small problem. Sports betting and casinos are currently illegal in the state of Texas. To become statewide legal, an act of the state legislature and voter approval are required. It’s a long order.
Still, state lawmakers are already working to advance a law that would change the state’s constitution to include legalized gambling and casinos on the ballot as early as November 2023.
Texas State Senator Carol Alvarado from Houston has filed for a resolution to create a Texas Gaming Commission to regulate sports betting and license up to four casinos and resorts in the state’s major metropolitan areas.
“I invite him to this arena of debate,” said Alvarado. News. “Having someone like Mark Cuban on board definitely adds enthusiasm to the effort. I hope he uses his influence and resources to help us cross the finish line.”
Cuban’s insistence on partnering with the Las Vegas Sands Corporation could help pave the way for any legislation if it goes out of committee. Sands founder Sheldon Adelson was a huge financial supporter of Texas Governor Greg Abbott until his death in 2021. His wife, Miriam, continues to contribute to the governor.
Legal and political hurdles aside – and there are plenty of hurdles, including Texas Deputy Governor Dan Patrick and a dislike for gambling – Cuban sees dollar signs. As a risk taker himself—who has bet big and lost on the latest cryptocurrency—Cuban understands that an arena tied to a casino and resort is an unexpected win for business.
“Obviously, it has to go through the Legislature, and I’m not the politician to know all the elements out there. But you’re talking about billions of dollars in revenue,” Cuban said. News. “And I don’t think it’s going to be one of those things where you’re going to want concessions from the city and the state. It’s more about ‘This will bring in a ton of income’.”
The Mavericks’ 30-year contract to play at American Airlines Center expires on July 28, 2031. That gives Cuban and the Mavericks eight and a half years to figure out if it’s possible to build a new arena and move there.
With voters likely to approve casino gambling and sports betting in less than a year, the prospect of Mavericks being located in the heart of a casino and resort reminiscent of Las Vegas becomes even more enticing.
Still, many pieces will have to fall into place for Cuban’s latest vision to become reality. For now, the boisterous owner of the Mavericks is waiting for his time.
“It will take seven years to get everything right, so 2024 is the year we have to make a decision,” Cuban said. News. “We’re not in a rush yet. There’s no urgency.”
