On December 4, 2023, property developer David Cordish shared his belief that Mark Cuban’s sale of the majority ownership of the NBA Dallas Mavericks could increase the possibility of commercial casinos being permitted in Texas. Cordish explained that Cuban’s decision to sell could pave the way for the legalization of casinos in the state.
Despite originally operating in the real estate industry, Cordish’s company now runs casinos in Maryland and Pennsylvania. This includes Live! Casino Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh. Additionally, they are expected to expand to Louisiana in early 2025 through a $270 million redevelopment of the former Diamond Jacks riverboat, and are also in a legal dispute over a proposed casino in State College, Pennsylvania.
Cordish pointed out that the combination of entertainment and mixed-use around a casino is the winning formula for attracting out-of-state travelers, as proven by their successful Live! entertainment and hospitality destination in the Stadium District of Philadelphia.
Discussing the potential for Texas to legalize casinos, Cordish mentioned that if this were to happen, his company would likely pursue development rights. Cuban, on the other hand, has shown interest in partnering with Las Vegas Sands for an integrated resort in the Dallas-Fort Worth area.
Cuban’s sale of the NBA franchise could potentially improve the odds of Texas lawmakers passing legislation authorizing casino gambling. While Cuban is undeniably wealthy, with an estimated fortune of $6.2 billion, the buyer of his majority stake, Dr. Miriam Adelson, has a net worth of around $31.5 billion. She acquired $2 billion worth of Sands shares to partially fund her purchase and still holds approximately 47% of the casino company.
Sands officials have been lobbying Texas lawmakers for years to support gaming, with the company heavily targeting Texas as its next domestic play. As a result, the sale of the Dallas Mavericks could have broader implications for the gambling industry in Texas.