The sports world was left stunned earlier this week when it was revealed that Mark Cuban was selling a majority stake in his beloved Dallas Mavericks. Now we have a little better of an idea why he is doing so.
For Cuban, this may not be about raising money for a political run, but it may be more about bringing to life his vision for a new Mavericks home arena, coupled with legalized sports betting in Texas.
Cuban had told the Dallas Morning News last year that he envisioned a new arena for the Mavericks that was situated between a resort and casino. He had said back then that he was aiming to partner with the Sands Corporation, which is the casino group owned by the Adelson family (who bought the majority share in the team).
“My goal, and we’d partner with Sands, is when we build a new arena it’ll be in the middle of a resort and casino. That’s the mission,” Cuban said.
“Texas is such an amazing state that we need to be a destination. And this is the way to do it. And partnering with the Sands Corporation, literally there’s no reason why we can’t build a huge resort destination in the city proper of Dallas. There’s plenty of places to do it.”
The legality of wagering on sports is determined on a state by state basis. Texas is one of the largest states where betting on sports is still illegal. There are three tribal casinos in the state, but not legalized sports wagering or resort-style gambling.
The Adelson family, which has traditionally been big donors to the GOP (which has majority control in Texas), has lobbied for the legalization of both sports wagering and resort-style wagering. Now, they and Cuban will be united in their efforts to make both legalized. The Sands will also have access to the cash needed to help build the any potential resort and casino if their legalization efforts go through.
