At a recent summit hosted by Chase called Make Your Move, Mark Cuban, the owner of the Dallas Mavericks, shared his desire to see casino-centered resorts in Texas, as reported by the Dallas Morning News. With a net worth of $6.2 billion, Cuban believes that these resorts could attract a large number of tourists to the state. He expressed that Texas lacks a real vacation destination that people save up for, and he believes that resort gaming could have a significant impact and draw in visitors.
Cuban envisions the casino-centered resorts to feature the latest Mavericks arena as the centerpiece of the entire property. He also expressed his interest in forming an alliance with Las Vegas Sands for this project, which would involve a makeover for the American Airline Center. However, his vision for gaming in the Lone Star State faces significant obstacles.
The legalization of casino gaming in Texas requires a constitutional amendment, which would need to be approved by at least two-thirds of the state lawmakers. Additionally, the sports wagering and casino industry have struggled to gain support from Texas lawmakers, according to Texas Lieutenant Governor Dan Patrick.
Furthermore, the state’s legislature only meets in odd-numbered years, so Texas residents would have to wait until 2025 for any chance of being able to use sports wagering and casino gaming. This has caused gambling firms to bypass the opportunity-rich market of 30 million inhabitants in Texas.
Despite these challenges, there is a significant demand for gaming in Texas. Between September 1st and October 23rd, 1.14 million people attempted to place a wager in the state, representing a 68.5% annual growth, according to the Texas Sports Betting Alliance. This surge coincided with the appearance of the Texas Rangers in the MLB’s American League Championship Series, generating over 20,000 betting attempts during the last three games of the series. This illustrates the strong interest in gaming and sports wagering in the state.
In conclusion, while Mark Cuban may wish for casino-centered resorts in Texas, the reality is that the path to legalization and implementation is rife with obstacles and challenges.