Entrepreneur Mark Cuban has officially sold his large stake in the NBA’s Dallas Mavericks to the Adelson family, thereby bringing his long-held proposal to build a casino-resort in Dallas to the forefront. Cuban’s proposal involves forming an alliance with casino mogul Dr. Miriam Adelson and her family-owned Las Vegas Sands Corp. to construct a new casino-resort in Dallas, featuring a new arena for the Mavericks. However, the proposal is contingent on the official legalization of gambling in Texas.
Cuban believes that building a casino-resort in Dallas would make Texas a top destination, saying, “Texas is such an amazing state that we need to be a destination. And this is the way to do it.” David Cordish, president and CEO of Cordish Cos., also sees potential in the idea, describing the combination of entertainment and mixed-use around a casino as a winning formula based on his company’s success with similar concepts in other states.
The exact location of the proposed project in Dallas remains unclear, with potential sites including the Dallas Convention Center and areas within the city proper. However, the potential for Cuban’s vision to become a reality is still distant. Texas has a lengthy history of anti-gambling lawmakers, and any validation of casino gaming in the state would require a constitutional amendment, with sports wagering and the casino industry struggling to gain support among Texas lawmakers.
Furthermore, Texas residents will have to wait until 2025, as the state’s legislature only meets in odd-numbered years, delaying any progress on the legalization of sports wagering and casino gaming. As a result, gambling firms continue to bypass the market, despite its potential with a population of 30 million inhabitants. Despite the challenges, Mark Cuban remains dedicated to his vision of a casino-resort in Texas, even though the road to realization may be a long and arduous one.