Las Vegas Sands President and COO Patrick Dumont says his company is in Texas for the long-haul as it ups the ante in its fight to bring legalized casino gaming to the Lone Star State.
A little over six months since the company first revealed plans to purchase a controlling stake in a major sporting franchise – later revealed to be the NBA’s Dallas Mavericks – Dumont spoke with media in the midst of the current NBA Finals where the Mavericks are facing off against title favorites the Boston Celtics.
“We really want to be in the state of Texas,” the 49-year-old said according to a report by Bloomberg. “We think this is a great investment opportunity and we’re here for the long term. We’re going to keep talking about the virtues of what this means for the state of Texas and how it can benefit the communities that these resorts will be located in.”
Asked about his specific interest in the NBA and how that related to LVS’s global integrated resort business, with the company operating large-scale IRs in Macau and Singapore (and previously Las Vegas), Dumont explained, “The NBA is a multifaceted business. It’s a media business, a hospitality business and a culinary business. It’s all about experience. Those are the types of things we do well and think we can bring to the city of Dallas.”
LVS, which purchased its controlling stake in the Mavs from Mark Cuban late last year after Dr Miriam Adelson – the wife of late LVS founder Sheldon Adelson – sold off 10% of her stake in the company for US$2 billion, has long harbored a desire to develop an IR in Texas, despite resistance from lawmakers.
Along with New York City, which is expected to issue three full casino licenses in the coming years, the state is seen as one of the final frontiers for such developments in the US.
According to Bloomberg, the Adelson family has spent US$16.5 million on lobbyists and political campaigns in Texas alone since 2022.
And while the Texas Legislature again voted down online and casino gambling bills earlier this year, it is said that public support for legalized casinos is high with around 75% voicing their interest in a January poll by the Hobby School of Public Affairs at the University of Houston.
Bloomberg also noted that a Republican-backed bill proposing a constitutional amendment authorizing casino gambling at destination resorts made it out of a Texas house committee last year for the very first time.
“The question is how to do it in a way that’s right for Texas,” the paper quoted Dumont as stating. “How do you deal with sports wagering? How do you deal with gaming? How do you ensure that you get the tourism benefit? That’s really what the discussion is about.”
Cuban, whose sale of his majority share in the Mavericks included a clause that he retains control of basketball operations, said at the time, “When you think of all the places you want to save up to vacation, Texas isn’t one of them. There’s no real destination that you save up for. That’s a problem and I think resort gaming would have a huge impact.”
RelatedPosts
