Dallas City Council divided on casino issue
As efforts to build casino hotels in Dallas increase, the City Council is taking varying positions on the issue.
Sivan and Patrick Dumont and a company owned by Las Vegas Sands Corp. (NYSE: LVS ) are purchasing 108 acres of land near Texas Stadium in Irving, Texas' second-largest city. Parliament is considering intervening in the casino debate.
Adelson is the widow of Sands founder Sheldon Adelson, and company chief financial officer (CFO) Patrick Dumont is her son-in-law. Those families, not gambling companies, now control the Mavericks.
But the deal fueled speculation that the team and Sands could eventually partner to build a casino resort in Dallas — something minority shareholder Mark Cuban has long been pushing for.
The land deal and the sale of the Mavericks prompted the Dallas City Council to consider joining the effort to legalize casino gambling in Texas. The attempt was defeated in the 2023 legislative session.
Dallas City Council Shows Casino Divide
The arguments for and against casinos in the Dallas City Council are familiar, but also relevant.
At a meeting earlier this month, Councilman Adam Bazaldua said eliminating casinos was a "significant missed opportunity," noting that casinos could help the city shore up pension plans for firefighters and police officers. There is evidence that casinos increase public pensions in some cities, while failing to do so in others.
Assemblyman Chad West noted that last year's failed casino legislation promised significant funding for Texas universities, including some Dallas-area campuses.
Conversely, Councilwoman Carolyn King Arnold expressed concern that Dallas casinos would not attract wealthy residents and tourists. But it will rely on business from locals with limited economic resources.
"You rarely see millionaires in casinos," she said at the meeting."These are poor people because it's all about wishes and dreams."
Mayor Eric Johnson (R-Dallas) was noncommittal on the casino issue at a Dallas Chamber of Commerce lunch last month. However, he noted that any group wanting to build a venue in the city would need to actively work with the city council.
Dallas casinos still have a long way to go
While the Mavericks are now owned by a family with obvious ties to the gambling industry and Sands owns properties in the Dallas area, building a casino hotel in the city remains a long-term concept.
In order for this dream to become a reality, both chambers of the Texas Legislature must approve the state constitutional amendment with a two-thirds majority. The question will then be put to voters. Voters are widely expected to approve the issue if things get to this point.
Since 2024 is an election year, casino gambling won't be on the legislative list, meaning Texas won't revisit the issue until next year at the earliest.
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Source: www.casino.org
