Company "actively trying" to push for IRs

Las Vegas Sands COO Patrick Dumont discusses plans for Texas casino gambling following Mavs purchase

Patrick Dumont, Las Vegas Sands Corp. President and CEO.
Reading time 1:49 min

Las Vegas Sands President and Chief Operating Officer Patrick Dumont spoke publicly about the sale of the NBA's Dallas Mavericks to the Adelson family Monday during the corporation's quarterly investor call, addressing plans for future development in Texas after the Mavs sale.

Along with the sale, Dumont was installed as Mavericks governor. Dumont is the son-in-law of Miriam Adelson, the casino magnate whose family purchased the Dallas team last month. When asked about the corporation's interest in Texas, Dumont said they think it's a great market. 

"I think the most important thing is that Las Vegas Sands is actively trying to facilitate the development of integrated resorts in the State of Texas and through the liberalization of gaming," Dumont said during the call as reported by the WFAA.

"Over time, we hope that it happens. I can't tell you when it’s going to be, but we’re very focused on it as a company, and we like the opportunity to develop some very unique tourism assets, specifically in Dallas," he added.

Dallas Mavericks

Las Vegas Sands Corp. reported net revenue for the period was $2.92 billion, a 161% increase over the $1.11 billion in the prior year, with the total revenue for 2023 reaching $10.37 billion. Additionally, the corporation reported net income from continuing operations in the fourth quarter was $469 million

"We were extremely pleased with our financial and operating results for the quarter, which reflect the ongoing improvement in the operating environment in both Macao and Singapore. We remain deeply enthusiastic about our opportunities for growth in both Macao and Singapore in the years ahead," said Robert G. Goldstein, Chairman, and CEO, in a statement.

Las Vegas Sands has long eyed the possibility of opening a resort in Texas, should the state legalize such establishments. Various lobbying coalitions have attempted to bring about change, facing resistance from lawmakers predominantly supported by Christian organizations. Any expansion of legalized gambling in Texas necessitates a constitutional amendment, demanding approval from a two-thirds majority vote in both the State House and Senate.

The Adelson family supported a lobbying effort for a bill introducing resort-style casino gambling and sports betting in the state last year, without significant progress. The Texas legislature, convening every two years, anticipates new bills addressing online sports betting or a combination with casino gaming in 2025.

Mark Cuban, who sold his majority ownership in the Dallas Mavericks to Miriam Adelson late last year, had also expressed a long-term goal to establish casino resorts in Texas. “My goal, and we’d partner with Las Vegas Sands, is when we build a new arena, it’ll be in the middle of a resort and casino. That’s the mission,” Cuban was quoted as saying in a Forbes article.

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