Las Vegas Sands has reclaimed its position as the world’s most valuable gambling company with a market cap of $44.2 billion, surpassing Flutter Entertainment after its recent stock declines. Despite this financial triumph, Sands’ longstanding ambition to establish a casino in Texas remains unfulfilled. The company has been actively lobbying for years, investing millions in a bid to bring casino gaming to the Lone Star State.
In 2025, Sands intensified its efforts as Texas lawmakers gathered for their biennial session. Miriam Adelson, the controlling shareholder of Sands, significantly increased the company’s lobbying budget for that year, hoping to sway the legislature. Andy Abboud, Sands’ chief of government relations, was optimistic, predicting over a 50% chance of Texas expanding its gambling laws. However, the legislative body remained unswayed, and proposals for legalizing casinos and sports betting failed to gain traction. Additionally, Sands’ preferred state Senate candidate did not advance to a run-off, and the political climate was further complicated by recent lottery scandals that hardened some officials against gambling.
In spite of these setbacks, Las Vegas Sands continues to pursue its Texas casino dream. The company has launched new media campaigns, highlighting the potential for a world-class resort similar to its renowned Marina Bay Sands in Singapore to be built in Texas. Concurrently, Sands has abandoned plans for a New York casino and stepped back from its fledgling digital ventures. The question arises: why does Texas remain such an attractive prospect despite the obstacles?
The allure of Texas largely lies in its enormous, untapped population. With more than 31 million residents, Texas is the second most populous state in the U.S., trailing only California. However, unlike California and Florida, where Indian tribes hold exclusive rights to Class III gaming, Texas presents an open market with significant potential. Sands views Texas as an ideal location for a retail-only operation, given its conservative stance on gambling expansion coupled with its massive population.
Industry expert Gene Johnson of Victor Strategies observes, “Texas is the biggest plum on the tree due to its lack of alternatives and significant economic demographics.” He suggests that Sands’ persistent efforts could pay off handsomely if they secure a first-mover advantage in this lucrative market. Previous analyses by the Innovation Group estimate that Texas casinos could generate $2.5 billion to $3 billion in annual tax revenue.
Texas’ appeal is further enhanced by its potential to thrive as a domestic market, less reliant on international tourism compared to Las Vegas or Singapore. Consultant Brendan Bussmann of B Global Advisors notes that Texas’ substantial population and regional draw from cities like Dallas and Houston make it a promising super-regional market. If legalized, a Texas casino could capture a significant portion of the local and regional clientele, reducing the state’s gambling revenue currently flowing to neighboring states such as Oklahoma and Louisiana.
Bussmann estimates that a Texas casino could attract domestic traffic rates as high as 92% to 93%, a scenario that could yield exceptional returns for major players like Sands if they are granted the opportunity to operate there. While international tourism remains a factor, the primary focus for Sands would be serving the burgeoning local market in areas like Dallas-Fort Worth and Houston.
One of the primary challenges facing Sands in Texas is the uncertainty surrounding the regulatory environment. Given the state’s historical opposition to gambling, it is difficult to predict the regulatory framework that would accompany any legalization. However, Sands might be willing to accept a higher tax rate in exchange for the opportunity to capture this market, much like the 25% tax rate foreseen for New York’s pending downstate casinos.
For Sands, the key to making progress in Texas lies in crafting a compelling narrative that resonates with lawmakers and stakeholders. Bussmann emphasizes the importance of a collaborative approach, involving multiple operators to present diverse perspectives. “There’s a way to get this done, but it requires more than a singular solution,” he suggests. “A multi-pronged strategy with various stakeholders articulating different pitches could be more effective.”
In conclusion, while Las Vegas Sands faces significant hurdles in its quest to enter the Texas market, the potential rewards of tapping into one of the largest untapped gambling markets in the U.S. keep the company motivated. Despite years of lobbying without success, Sands’ resolve remains undeterred, fueled by the vision of establishing a major foothold in a state with a lucrative demographic and economic profile. Whether or not these efforts will eventually pay off remains to be seen, but for now, Sands is committed to its Texas dream.
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