Billionaire entrepreneur Mark Cuban eyes casino resorts in Texas

Billionaire businessman Mark Cuban, owner of the Dallas Mavericks, has expressed his vision for the future of gaming in Texas, proposing a casino-focused resort with a new arena for the Mavericks as its centerpiece. At Chase’s Make Your Move Summit, Cuban, whose net worth is approximately $6.2 billion, outlined his belief that such resorts could significantly boost tourism in the Lone Star State.

Cuban emphasized the need for a notable vacation destination in Texas, stating that the absence of such a destination is a significant issue. He believes that resort gaming could address this and have a substantial impact on the state’s tourism industry. As part of his vision, Cuban aims to collaborate with Las Vegas Sands on the venture and plans for the American Airlines Center to undergo renovations.

However, Cuban’s aspirations face significant hurdles. The expansion of casino gaming in Texas would require a constitutional amendment, necessitating a two-thirds vote from lawmakers. With the state’s legislature only sitting in odd-numbered years, the earliest opportunity for progress on this front would be in 2025. Texas Lieutenant Governor Dan Patrick has made it clear that the casino and sports betting industries have not found favor with state lawmakers.

Despite the opposition from lawmakers, there is a growing demand for gaming in Texas. Recent data from the Texas Sports Betting Alliance indicates a significant increase in wager attempts in the state, particularly during the Texas Rangers’ appearance in the MLB’s American League Championship Series. Over 1.14 million wager attempts were recorded in a span of less than two months, reflecting a 68.5% year-over-year increase.

While Cuban’s vision for a casino-focused resort in Texas faces significant challenges, the growing interest in gaming in the state suggests that there is potential for expansion in the future. For now, it remains to be seen whether Cuban’s plans will come to fruition in the face of ongoing opposition from lawmakers.