• Loading stock data...
Friday, March 1, 2024

Blockbuster Mavs-Cuban Deal Puts Dallas Casino Complex In Spotlight

  • Deal valuing NBA team at about $3.5 billion premised on arena-casino development.
  • Gambling legalization in Texas has failed to progress, but hopes of passage in 2025 are higher.
Dallas Mavericks owner Mark Cuban celebrates court side behind Luka Doncic
Jerome Miron-USA TODAY Sports

Mark Cuban’s landmark deal to sell a majority stake in the Dallas Mavericks to Miriam Adelson has what is perhaps an even bigger underlying vision: the development of a new arena and casino complex in Dallas. 

The agreement, valuing the Mavericks at about $3.5 billion, will see the serial entrepreneur and outgoing “Shark Tank” star transfer majority control of the NBA team to Adelson — the casino billionaire widow of Las Vegas Sands Corp. founder Sheldon Adelson — while Cuban retains oversight of the team’s basketball operations. A closing is projected by the end of the year, subject to league approvals.

But the agreement is also premised on jumpstarting a long-discussed plan to construct a successor to American Airlines Center, the 22-year-old arena the Mavericks share with the NHL’s Dallas Stars.

“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,” Cuban said in December 2022.

Nearly a year later, Cuban reconfirmed his intent, telling KXAS-TV’s Newy Scruggs that Adelson and Sands are “coming in to … build a new arena, which will hopefully be a Venetian-like resort here in Dallas. That’s the goal.”

Opportunities And Obstacles

Texas is a highly coveted locale for casino and sports betting operators, boasting a population of over 30 million that ranks second only to California among American states. Major cities such as Dallas, Houston, Austin, and San Antonio additionally present the opportunity to build gambling destinations in large, vibrant markets.

But legislators in the Lone Star State have consistently resisted both sports betting and casinos. This past spring, the Texas Senate declined to consider casino and sports betting measures.

Nevertheless, the issue of legalized gambling is expected to be picked back up in 2025 — Texas lawmakers meet in alternating years — with increased hopes of passage.

Cuban, meanwhile, has downplayed speculation that he will now campaign for U.S. president with his status in the Mavericks changing, telling NBC News he has “no plans” to run for office.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Paris Games Gain Momentum With $2B Completion of Olympic Village

The $2.2 billion housing project finished on time and was essentially on budget.
Caitlin Clark

Iowa Star Caitlin Clark Makes It Official: She’s WNBA-Bound

Iowa star Caitlin Clark announced she is declaring for the WNBA draft.

NFL Combine Is Buzzing With Talk of Nearly $1B in Extra Cap Space

The 2024 NFL salary cap is $255.4M per team, a $30M-per-team jump over last season.

Electronic Arts’ Layoffs Signal Ongoing Evolution, Struggles

The company is set to make a second major round of staff cuts in the last year.
podcast thumbnail mobile
Front Office Sports Today

Jenny Cavnar is Breaking Barriers During Oakland’s Strange Season

0:00
0:00

Featured Today

Oct 5, 2021; Kansas City, Missouri, USA; Bob Kendrick, president of the Negro Leagues Baseball Museum in Kansas City, points to the lettering outside of the museum Tuesday.

How Do You Keep Negro Leagues Baseball History Alive? Put It in a Video Game

Negro Leagues Baseball Museum attracting increased donations, visits from ‘MLB The Show.’
February 26, 2024

The Victor Wembanyama Rookie Card Market Hasn’t Matched His Hype

A cooling market and Fanatics autograph deal leaves big-money collectors waiting.
February 25, 2024

Sham Gods: The Rapidly Growing World of Sports Impersonators on X

Fake Schefters and Wojs, fabricated trade demands, and borrowed profile pictures.
Sep 24, 2023; Oakland, California, USA; A general view of the Oakland Athletics dugout after the game against the Detroit Tigers at Oakland-Alameda County Coliseum.
February 24, 2024

Murky Future: Everything You Need to Know About the A’s Move to Las Vegas

Breaking down one of the most drawn-out, multifaceted sagas in sports.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Spotify
Multiple - USA Careers
Nike
Multiple - USA Careers
EA
Multiple - USA Careers
Carolina Panthers

For Panthers, the Cost of a Two-Win Season Is a 4% Ticket Hike

Lower-level tickets are going up an average of 7%.
February 26, 2024

What Is a Clipper? Behind the Scenes of an NBA Rebrand

The NBA team is leaning into its nautical heritage.
February 26, 2024

Trouble in Winnipeg As Bettman Plans Visit for Ailing Jets

NHL commissioner set to meet with local politicians, sponsors, and fans.
Sponsored

How LivePass is Redefining Ticketing for the Next Generation of Fans

The next wave of ticketing technology.
Matt Araiza
February 22, 2024

Chiefs Sign Matt Araiza, Former Bills Punter Dismissed for Now-Dropped Rape Allegations

Rape allegations against the punter were dropped in December.
February 20, 2024

An About-Face in D.C. As Lerners Pull Nationals From the Market

MLB club no longer for sale as ownership family changes course.
Phoenix Suns
February 15, 2024

Suns Last NBA Team To Add a G League Squad

Mat Ishbia made his latest move a year into owning the Suns.
February 13, 2024

Royals Trust Owner’s ‘Gut,’ Commit to Downtown K.C. Site for New Stadium

MLB club targets late-emerging location near downtown for ballpark development.