NBA Expansion Bids in Las Vegas Hit $13 Billion as Decision Looms

Three Groups Compete for Franchise and Arena

Las Vegas is positioned to become the next major market for the National Basketball Association, with three finalist groups preparing bids valued between $12 billion and $13 billion for an expansion franchise and a new arena. According to reports, the NBA intends to select a winning bid from these finalists by the end of the year. The league has reportedly targeted a debut season for the new team during the 2028-29 campaign.

The finalists include three distinct ownership groups: one led by Nancy Walton Laurie and Bill Laurie; a second led by Steve Apostolopoulos and Marc Lasry; and a third led by Bill Foley and Jerry Colangelo. In March, NBA owners voted unanimously to approve Las Vegas and Seattle as potential sites for the expansion teams. Las Vegas is currently viewed as the leading candidate because its bidding market has generated higher offers than those in Seattle, where bidders have shown a preference for constructing new facilities rather than utilizing the existing Climate Pledge Arena.

Bidding Context and Market Valuations

The proposed valuation for the Las Vegas franchise aligns with recent record-breaking transactions in professional sports. In August, Josh Kushner and Bob Iger purchased the Los Angeles Lakers for $12.5 billion, a league record. Notably, the Lakers’ arena, owned by Anschutz Entertainment Group, was excluded from that purchase agreement. The bidding range in Las Vegas reflects the combined cost of the franchise and the construction of a new venue, a dynamic distinct from the Lakers transaction.

For comparison, the record sale price for a National Football League team is $9.6 billion, set in July when a group led by Vinod Khosla acquired the Seattle Seahawks. While NFL teams generate higher average revenue per season, exceeding $660 million, NBA teams average approximately $416 million per season. The Golden State Warriors, who built their own arena in San Francisco, currently lead the NBA in revenue, illustrating the financial potential of controlling both the team and the venue.

Las Vegas Sports Landscape and Tourism Metrics

Las Vegas has established itself as a central hub for basketball. The city has hosted the NBA Summer League since 2004 and has served as the site for the NBA Cup semi-finals and finals since 2023. If the NBA expands to the city, it would become the final major sports league to establish a presence there, following the NHL Golden Knights’ debut in 2017 and the NFL Raiders’ arrival in 2020. The MLB Oakland Athletics are also scheduled to debut in Las Vegas in 2028, with the team’s valuation rising from $1.2 billion in 2024 to $2 billion currently.

Janis Burke, chief sports officer of the Las Vegas Convention and Visitors Authority, emphasized the city’s cultural connection to the sport. “Vegas owns basketball,” Burke said. “You’ve got every shoe company and tournaments looking to come here, you’ve got the NCAA interested, the NBA, AAU. I mean basketball is huge here.” She added that a full-time NBA presence would “bring a whole new dynamic and put a stamp that we really do want basketball.”

Economic indicators for the region present a mixed picture. Gross gaming revenue on the Strip reached $684 million in August, a 0.7% increase year-over-year. However, tourism metrics have shown signs of contraction since the start of 2025. Visitor volume in August fell 4.3% to 3 million, marking the largest year-over-year decrease to date in 2026. Air traffic to Harry Reid International Airport also declined, dropping 9% year-over-year to 4.1 million passengers in August. Despite these fluctuations, Matt Prevost, chief revenue officer of BetMGM, expressed support for the expansion, stating he would “love to see” it happen, while noting that if the team ended up in a different location, “that’s fine too.”

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