Cordish welcomes Mark Cuban's sale of Mavericks, hopes of opening casino in Texas
David Cordish, founder of Cordish Companies, believes that by "selling his controlling interest in the NBA's Dallas Mavericks," Mark Cuban is increasing the chances that a commercial casino will one day come to Texas.
Cordish's company operates casinos in his home state of Maryland and Pennsylvania. The company owns three gaming providers, including Live! Maryland Casino Hotel in Hanover, near BWI Airport. live! Philadelphia Casino Hotel and Live! Casino Pittsburgh in Westmoreland.
By early 2025, Louisiana is expected to become Cordish’s third gaming state. This is being accomplished through the $270 million redevelopment of the former Diamond Jacks riverboat Live! Louisiana Casino Hotels. Cordish is also seeking to open a third casino in Pennsylvania through State College, but is still in litigation with Bally's Casino and the state's Gaming Control Board.
Before Cordish became a gaming operator, it was primarily involved in mixed-use commercial real estate development. The company owns and/or operates Live!-branded entertainment and dining areas across the country, including two in Texas.
Texas Live! Arlington is a public-private partnership between the city of Arlington, Major League Baseball's Texas Rangers and Cordish Corporation. The $250 million dining, entertainment and hotel destination is located between Globe Life Park, home of the Rangers, and AT&T Stadium, home of the NFL's Dallas Cowboys. Texas Live! Opened in August 2018.
Cordish also operates Bayou Place in Houston's downtown theater district.
Cordish Celebrates Cuba Sales
Cuban has repeatedly said the Lone Star State needs to diversify its leisure and hospitality industries to better attract vacationers. One of the billionaire's ideas is to allow casino resorts to open.
In a recent interview with the Dallas Business Journal, Cordish said casino resorts are exactly what Texas needs to attract out-of-state visitors.
The idea of combining entertainment and mixed use around the casino is definitely a winning formula,” Cordish said.
In Philadelphia, Cordish hosted a similar live broadcast! An entertainment and hospitality destination in the city's Stadium District before commercial casino gaming entered the community. Cordish opens $700 million casino resort next to Xfinity Live! Early 2021, Philadelphia.
Texas Casino
If Texas decides to legalize casinos in the next few years, Cordish may seek to acquire development rights. Cuban has expressed interest in partnering with Las Vegas Sands to build an integrated resort in the Dallas-Fort Worth area.
Last week, Cuban announced he was selling a controlling stake in the Mavericks to Doc. Miriam Adelson is the widow of Sheldon Adelson, who founded and ran Sands until his death in January 2021 .
Cuba giving up majority control of the NBA franchise could increase the chances that the Texas Legislature will pass a law allowing casino gambling. Although the Cuban is extremely wealthy, with Forbes estimating his fortune at $6.2 billion, Dr. Adelson is worth approximately $31.5 billion.
Adelson sold $2 billion worth of Sands stock to partially fund her deal to acquire the Mavericks. After the transaction is completed, it still holds approximately 47% of the casino company's shares.
Adelson is not responsible for Sands' day-to-day operations. But Sands officials are firmly targeting Texas for the company's next home game. Sands has spent tens of millions of dollars in recent years lobbying Texas lawmakers to support gambling.
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Source: www.casino.org
