Las Vegas Sands launches petition to move casino to Texas
Las Vegas Sands (NYSE: LVS ), the largest gaming company in the country by market capitalization, has filed a new petition to bring casino gaming to Texas.
The Las Vegas-based gaming company is behind the Texas Destination Resort Alliance, which wants to give Texans a chance to vote on casino resort issues. On the policy front, integrated resorts in the second-largest state made progress last year, but that momentum eventually stalled. Under Texas law, a two-thirds majority vote in the state House and Senate is required to amend the constitution before a gambling expansion plan can be presented to voters.
The measure would bring billions of dollars to Texas to stimulate the state's economy. The Texas Destination Resort Alliance said of the legislation it supports: “Texans will invest billions in the state and invest billions in the local services they rely on. "
Going into 2024, it was widely expected that casino gambling and sports betting issues would be hotly debated in the Texas Legislature due to the election year. That difficulty is likely to be exacerbated when several House Republicans face tough re-election campaigns. Last month, Rep. Charlie Glenn (R-Fort Worth) introduced a bill that could reignite the casino debate in Texas.
Sands Group has been coveting Texas for a long time
Sands' interest in Texas is not new. The operator has spent millions lobbying Texas politicians to advance the casino issue. Like New York City, the Lone Star State is widely considered the best starting point for commercial gaming expansion in the country.
Last July, the gaming company purchased 108 acres near Texas Stadium in Irving, Texas, fueling speculation that the site could eventually become a casino resort. This purchase was made several months before Dr. Miriam Adelson, the widow of Sands founder Sheldon Adelson, has purchased a majority stake in the NBA's Dallas Mavericks.
The families of Miriam Adelson, Sivan Dumont and Patrick Dumont now own 73% of the NBA team, while former majority owner Mark Cuban controls the remainder. While Adelson is LVS's largest shareholder and current Mavs governor Dumont is the operator's chief financial officer, they own the team, not the bookmaker.
Cuban has long supported legalizing casinos in Texas as a way to boost tourism and has previously expressed a willingness to work with LVS on the effort.
Familiar points to support Texas casino push
Texas, which has few gambling operations, has long been seen as opposed to its expansion. A side effect is that state residents have been flocking to commercial casinos in Louisiana and tribal gambling venues in Oklahoma for decades, taking taxable revenue with them.
Policymakers supporting Texas casinos will likely consider this, as will other familiar themes, including job creation and public education funding.
“Revenue generated by these new locations can help fund public education and public higher education, the arts, public safety and law enforcement,” adds the Texas Destination Resort Alliance.
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Source: www.casino.org
