On Thursday, December 15, Mark Cuban, the leader and owner of the Dallas Mavericks, was very open about the future home of his NBA team when he was interviewed by the Dallas Morning News.
Although the Mavericks currently play at the American Airlines Center, nearly a mile north of downtown Dallas, Cuban’s intention for the team is a bigger and more incredible destination than just an arena.
Cuban’s main goal:
Cuban already has big plans and goals for his team and has already created a full picture of the new Maverick arena, which will serve as a potential economic driver for the city and state, as it will be the ultimate, best part of Las Vegas-style casino and resort located in the heart of Dallas.
In this regard, Cuban said: “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.”
The problem of illegal sports betting and gambling in Texas:
In order for sports betting and gambling to become legal in a state, an Act of The State Legislature and the approval of a regulatory body is required, which is a very difficult task.
Even so, state officials are working to move forward with legislation that would revise the state constitution to put legalized gambling and sports betting on the voting paper as early as November 2023.
Carol Alvarado of Houston, a Texas State Senator, announced the decision to create the Texas Gaming Commission, aka the Texas iGaming regulator, to regulate applications for sports betting licenses for nearly 4 resorts & casinos in the state’s largest cities.
In this regard, Alvarado told The News: “I welcome Cuban to the arena of this discussion. Having somebody like Mark Cuban on board certainly gives a boost of enthusiasm to the effort. Hopefully, he’ll use his clout and resources to help get us across the finish line.”
A partnership that will pave the way for legal gambling in Texas:
Cuban’s request to partner with the Las Vegas Sands Corporation will help pave the way for any legislation in the long run if it gets regulatory approval.
Many Texas governors, including Texas Lieutenant Governor, Dan Patrick, had a huge aversion to gambling, but Sands’ founder Sheldon Adelson was huge financial supporter of Texas Governor Gregg Abbott until the day he died in 2021. However, his wife Miriam continued to financially support the governor.
Cuban is a professional who takes risks. For example, he recently lost a large amount of money on a cryptocurrency bet, so he knows that an arena connected to a resort & casino is a recipe for success.
With the Mavericks’ 30-year contract binding them to play at American Airlines Center set to expire on July 28, 2031, Cuban and his team have 8 and a half years to decide whether Cuban’s vision is worthwhile long-term.
However, Cuban is not in a hurry for now and has more than enough time to think.
In this regard, Cuban added: “Obviously, it’s got to pass the Legislature, and I’m not the politician to know all the elements there. But you’re talking about billions of dollars in revenue, and it won’t be one of those things, I don’t think, where you ask the city and state for concessions. It’s more about, this is going to generate a ton of revenue.
“It’ll take seven years to do everything right, so 2024 is when we’ve got to make a decision. There’s no rush yet. There’s no urgency at all.”