Inside the Adelsons’ Potential Exit from the Mavericks: A Casino Bet That Didn’t Pay Off
At first glance, the idea of the Adelson family selling the Dallas Mavericks just two years after buying them for $3.5 billion seems like a stunner. But when you zoom in on the timeline and the bigger picture, the move starts to make a lot more sense-especially if you understand what the real play was all along.
The Adelsons didn’t just want to own an NBA team. They wanted to build an empire-anchored by the Mavericks, sure, but powered by something much bigger: casino gambling in Texas.
That, it turns out, was the real jackpot they were chasing. And right now, that jackpot looks completely out of reach.
According to Texas attorney Christopher Kratovil, a litigation and appellate specialist based in Dallas, the entire strategy hinged on one key assumption: that casino gambling would be legalized in Texas in time to support a massive casino-resort-arena project tied to the Mavericks. That assumption, despite millions spent on lobbying and political donations, hasn’t materialized-and may not for years.
“Why would the Adelsons sell the Mavs just two years after buying the team?” Kratovil asked. “Because casino gambling is not coming to Texas anytime soon, and the only reason the Adelsons bought the Mavs was to serve as the anchor of a massive new casino-resort-arena.”
That’s not hyperbole. Texas remains one of the most restrictive states in the country when it comes to gambling.
No legal sports betting. No casinos.
And changing that means rewriting the state’s constitution-a long, complicated process that requires two-thirds support in both legislative chambers and a statewide vote. And here’s the kicker: the Texas Legislature only meets every other year.
That next real window of opportunity? January to May of 2031.
Now consider this: the Mavericks’ new arena, which would replace the American Airlines Center, is projected to open around September 2031. So even if everything broke right in that 2031 legislative session-which is a big if-there’s no guarantee gambling would be legalized in time to fund or justify the massive entertainment complex the Adelsons had in mind.
That’s a timing mismatch that’s hard to ignore. Without the promise of gambling revenue, the financial foundation of the Adelsons’ vision starts to crumble. What was supposed to be a game-changing real estate and entertainment play now looks a lot more like a traditional NBA ownership situation-without the added upside.
And that brings us to the political roadblocks. Lieutenant Governor Dan Patrick, who effectively controls the agenda in the Texas Senate, has been a staunch opponent of gambling legislation.
He’s also widely expected to win reelection this year. As long as he’s in charge, the odds of any casino or sports betting bill making it out of the Senate are slim to none.
Several gambling-related proposals have been floated in recent years-joint resolutions, constitutional amendments, and bills like HJR 134 and SJR 82-but none have gained serious traction. Most haven’t even made it out of committee, let alone reached the Senate floor. The political will just isn’t there.
So what happens now?
According to NBA insider Marc Stein, a Dallas-based investor group is already exploring a potential purchase of the Mavericks, with interest in partnering with Mark Cuban, who still holds a sizable minority stake. Cuban has said he regrets not opening the sale up to more bidders the first time around, even though he stands by the decision to sell. This could be a chance to reset that process.
Publicly, the Adelsons and team CEO Patrick Dumont have pushed back on the idea of a sale, saying they’re excited about the future of the franchise and the Cooper Flagg era. And maybe they are. But enthusiasm doesn’t fix a flawed business model.
Since taking over in December 2023, the Adelsons’ tenure has been rocky. The Mavericks have gone 90-95, Luka Dončić was traded, and the team is now in full rebuild mode. Without casino revenue to supercharge their vision, the franchise looks a lot more like a standard NBA team than the centerpiece of a billion-dollar resort complex.
And with franchise valuations still climbing and NBA expansion likely on the horizon, this might actually be the perfect time to sell. The Adelsons could exit with a solid return on their investment-without having to wait around for Texas politics to shift.
From the outside, it may look like a sudden pivot. But inside, it’s starting to look like a calculated move to cut losses and move on from a bet that didn’t land.