Texas Lt. Gov. Dan Patrick Raines marches at casino
Following last week’s announcement, Dr. Miriam Adelson and the Miriam Adelson Trust acquired a controlling stake in the Dallas Mavericks, sparking renewed optimism that Texas will finally allow commercial casinos.
Lt. Gov. Dan Patrick (R) has long opposed expanding gambling in the state, but he is tempering that enthusiasm. Texas' No. 2 politician and state Senate leader reiterated that the vote was not enough to send casino legislation to Gov. Greg Abbott's desk.
My experience and knowledge say we’re not anywhere close to 15 or 16 votes in favor of casinos,” Patrick said in a recent interview with CBS News.
Adelson takes majority control of the Mavericks, current owner Mark Cuban has made clear his desire to bring casino gambling to Texas, and the issue is more serious than ever in this year's legislative session, These are factors that have revived hopes that the second-largest state will finally welcome integrated resorts.
Texas Casinos Have Lots of Moving Parts
Las Vegas Sands (NYSE: LVS ), the gambling operator in which Adelson is the largest shareholder, 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.
While polls show Texas voters favor more casinos and sports betting, getting those issues on the ballot is another matter. The state constitution would need to be amended, which would require a two-thirds majority in the state House and Senate. Only if this hurdle is overcome can the game expansion be presented to voters.
As a result, some in the gaming industry consider the concept of gaming venues in Texas to be broad. Texas doesn't need to expand revenue from gambling, except for casino rival Patrick, who controls the state Senate's agenda.
However, casinos and sportsbooks are backed by some big names, including Jerry Jones, the Cuban owner of the Dallas Cowboys, and Tilman Fertitta, owner of the Houston Rockets and owner of the Nuggets. David Cordish, principal of Cordish Companies, which owns commercial properties in Dallas-Fort Worth and Houston, is also positive about integrated resorts in Texas following the acquisition of Adelson's Mavericks.
Another Texas casino debate could be a while away
The Texas Legislature is in its fourth special session after a series of defeats in the Republican-controlled House. The Legislature will not meet next year unless a fifth session is called. Patrick told CBS News that February could be an ideal time to hold another special meeting.
Even if that happens, policymakers will likely consider issues like property tax relief and cost-of-living increases for retired teachers, both of which were approved by voters.
With the Texas House, which Patrick calls "dysfunctional," failing to pass bills on election integrity and school choice (both of which are supported by the Senate), it could be a sign that bills to expand gambling won't pass . It won't reappear until 2025 at the earliest.
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Source: www.casino.org
