Awaiting finalization, Mark Cuban will no longer be the majority owner of the Dallas Mavericks. The Adelson and Dumont families have reportedly purchased a majority stake. Through this ownership change, it has been reported that Cuban will maintain control of basketball operations.
The new majority owners are operators of Las Vegas Sands Corporation. This is the third-largest casino worldwide by revenue. It has been well documented that Cuban has envisioned building a casino resort-style arena to succeed the American Airlines Center.
Minds quickly were directed toward the idea of the Mavericks finding a new home because of this sale. Las Vegas Sand will be key in a push for a new arena and casino complex. The Mavs’ lease with AAC, however, is under contract until 2031.
The bigger obstacle would be the fact that almost all forms of gambling are illegal in Texas. Not only would a bill that legalizes sports betting need to be passed, but a casino bill would also need to pass. Lawmakers will reconvene for their next session in 2025 to introduce new legislation. It will certainly be a process, but the lobbying push that the new owners will make gives the sense that it is a matter of when and not if.
As many are aware, Diamond Sports Group – the company who operates Bally Sports – is going through bankruptcy. The Mavericks can expect to lose money on the downfall of the company that holds local media rights.
There will be plenty of hoops to jump through, but bringing in the Adelson and Dumont families is a move in the right direction for Cuban’s vision. A chunk of land in Irving has already been purchased by the Las Vegas Sands Corp., near the location formerly inhabited by Texas Stadium.
In the meantime, the Mavericks are currently the 4th-seed in the Western Conference. Luka and the Mavs seek to get back into contention after missing the playoffs a season ago.