The Las Vegas Sands Corporation, famously regarded as the U.S’s largest gaming company in terms of market capitalisation, has recently made a bid to pioneer a wave of casino gaming into the Lone Star State. The corporation is masterminding the efforts of the Texas Destination Resort Alliance, a body intent on offering Texans the chance to vote for or against the introduction of casino resorts in the state.
In the previous year, the concept of integrated casino resorts had been gaining traction in Texas, which is the second-largest state in the country. However, despite this progress, the momentum ultimately fizzled out. Current Texas law necessitates that a two-thirds majority in both the state House and Senate is required to amend the constitution in order to bring gaming expansion to a vote securing the green light from the public.
According to Texas Destination Resort Alliance, the proposed legislation that they’re backing could significantly enhance the state’s economy. The measure would reclaim billions of currency currently spilled over to neighboring states, inject billions more into local services that Texans rely on, along with a hefty investment into the state’s coffers.
As we journey into 2024, observers and pundits alike anticipated a tough road ahead for the issues of casino gaming and sports wagering given that this is an election year. Moreover, this prediction coincided with multiple Republican members of the State House currently embroiled in difficult reelection campaigns. In a related development, State Representative Charlie Geren from Fort Worth, a member of the Republican party, breathed new life into the casino debate last month by filing a bill in Texas.
The expanded allure of Texas for Sands is hardly a new phenomenon. Over time, the corporation has poured millions into lobbying efforts to sway Texas politicians and garner support for advancing casino-related legislation. Alongside New York City, Texas is unanimously acknowledged as the most promising frontier for the commercial expansion of gaming in the U.S.
In mid-2021, the gaming giant purchased a sprawling 108-acre plot of land near the now-demolished Texas Stadium located in Irving, Texas. This move sparked intense speculation about the area’s potential transformation into a casino resort. This development took place just a few months ahead of the late Sheldon Adelson’s widow, Dr. Miriam Adelson, acquiring a controlling share in the NBA’s Dallas Mavericks team. The Adelson and Dumont families, including Sivan and Patrick Dumont, now own an overwhelming 73% of the NBA team. It’s relevant to note that even though Adelson and Dumont are Mavericks’ governor and chief financial officer, respectively, this does not equate to them managing the gaming company.
In the past, Mark Cuban, the former majority owner of the NBA team, has expressed support for legalizing casinos in Texas as a strategy to boost its tourism industry. Furthermore, he had previously conveyed his interest in joining forces with the Sands Corporation in this potential venture.
In a state where gaming has a minimal presence and has traditionally met with strong resistance, the implications of this development would be significant. Historically, Texas residents have opted for commercial casinos in Louisiana and tribal gaming venues in Oklahoma, exporting taxable receipts out of state.
However, this issue has not gone unnoticed and is expected to become a crucial talking point in the upcoming dyas. Along with related matters such as job creation and funding for public education, it is the hope of the Texas Destination Resort Alliance, that revenue generated by potential new gaming sites could be channelled to these sectors, including public safety and law enforcement.
