Is Mark Cuban Betting on Legalized Gambling? New Mavs Owners Buy Land in Irving, Dallas

January 9, 2024 | April Towery | 2 Comments | Irving

Las Vegas Sands Corp. reportedly purchased 100 acres on Spur 482 in Irving for $22.4 million. (Photo: LoopNet)

Dallas Mavericks owner Mark Cuban recently sold a majority stake in his professional hoops team to the Dumont and Adelson families. The prominent casino magnates and owners of Las Vegas Sands Corp. purchased 100 acres northeast of the demolished Texas Stadium in Irving last July.

It doesn’t take Woodward and Bernstein to crack this case. Cuban has for years lobbied for resort casino gambling venues in Texas, but it’ll take an act of the state legislature to legalize it.

In a Q&A with the Dallas Morning News published last week, Cuban addressed the Mavericks sale, approved unanimously by the NBA Board of Governors.

“It’s a partnership, right?” Cuban told the DMN. “They’re not basketball people; I’m not a real estate person. That’s why I did it. I could have gotten more money selling it to somebody else. Obviously, I’m really excited about everything, but this was a great partnership. I’ve known these guys for a long time. They’re great at the things I’m not good at.”

The Dallas Morning News reported Tuesday that Sands Corp. made another big land purchase of more than 12 acres on Stemmons Freeway at Inspiration Drive in Dallas’ Design District. The property, valued at about $42.9 million, is across the freeway from Victory Park and includes a building now used as the Mavericks practice facility, according to the report.

Will The Texas Legislature Gamble on Resort Casinos?

As a billionaire businessman who served as one of the key “sharks” on the ABC reality television series “Shark Tank,” Mark Cuban is the king of speculative investment. With the 89th legislative session looming in January 2025, it looks like he’s betting on a regulatory win.

The national casino industry contributes nearly $329 billion annually to the U.S. economy, according to a 2023 study conducted on behalf of the American Gaming Association. But will Texas allow resort casinos? CandysDirt.com reached out to Texas Rep. Terry Meza, D-Irving, and Texas Sen. Nathan Johnson, D-Dallas. Meza did not respond to our inquiry. A spokeswoman from Johnson’s office said the senator would decline comment at this time.

The parcel purchased by the Adelson and Dumont families is right across from the former site of Texas Stadium. WFAA reported that Fort Worth State Rep. Charlie Geren, a Republican, filed a bill last session that would have given Texas voters the choice to decide on sports betting and expanding casino gaming to a limited number of “destination resorts.”