Las Vegas Sands Starts Petition Drive to Bring Casinos to Texas
The biggest domestic gaming corporation by market capitalization, Las Vegas Sands (NYSE: LVS), has submitted a fresh petition to legalize casino gaming in Texas.
The Texas Destination Resort Alliance, which seeks to allow Texans to vote on the topic of casino resorts, is supported by the gambling firm with its headquarters in Las Vegas. In terms of politics, integrated resorts advanced in the state with the second-highest population last year, but eventually that impetus faltered.
Before gaming expansion is put on the ballot, Texas law requires an amendment to the state constitution to be approved by two-thirds of both the House and Senate.
“This measure would bring billions of dollars back to Texas from bordering states, to boost the state’s economy. Texans would see several billion dollars invested into the state and billions for local services they rely on,” said the Texas Destination Resort Alliance of the legislation it’s endorsing.
It was generally assumed going into 2024 that the Texas legislature would face difficult opposition on the problems of sports betting and casino gambling because it was an election year. This challenge might become more significant at a moment when a number of Republican State House members are up against challenging reelection campaigns. State Representative Charlie Geren (R-Fort Worth) introduced a bill last month that may reignite the Texas casino issue.
Sands Has Always Adored Texas
Sands has always had an interest in Texas. To push the casino issue, the operator has lobbied Texas officials for millions of dollars. The Lone Star state is generally acknowledged as the greatest area in the nation for the growth of commercial gambling, along with New York City.
The gambling corporation bought 108 acres of property in Irving, Texas, next to Texas Stadium last July, sparking rumors that a casino resort may one day be built there. That transaction was made a few months before to Dr. Miriam Adelson, Sheldon Adelson's widow, purchasing a majority interest in the Dallas Mavericks of the NBA.
Currently, the families of Patrick Dumont, Sivan Adelson, and Miriam Adelson hold 73% of the NBA franchise; Mark Cuban, the previous majority owner, owns the remaining share. They own the team, not the gambling firm, even though Adelson is the biggest LVS stakeholder and Dumont—who is currently a Mavs governor—is the operator's chief financial officer.
Cuban has long advocated for Texas to legalize casinos in order to increase tourism, and he has stated that he would like to collaborate with LVS on this project.
Frequently Used Points
Texas has traditionally been seen as opposed to the expansion of gambling and offers few gaming options. This has led to the state's citizens flocking to commercial casinos in Louisiana and tribal gaming establishments in Oklahoma for decades, bringing their taxable receipts with them.
Legislators who support Texas casinos are probably going to use this point as well as other well-known ones like funding for public education and job creation.
The Texas Destination Resort Alliance went on, "Revenue raised from these new sites could provide funding for public safety and law enforcement, as well as public education and public higher education for the arts."
