Sands Clings to Texas as Its Last Big US Casino Bet

Las Vegas Sands is once again the world’s most valuable gambling company, reclaiming that position from Flutter Entertainment after recent market declines. With a market cap of $44.2bn, the company has regained financial stature. But its most ambitious US project—a casino in Texas—remains out of reach despite years of lobbying and escalating costs.

Metric	Value	Notes
Market cap	$44.2 billion	World’s largest gambling company after recent shifts
Population (TX)	~31+ million	Second-largest US state; large domestic market
Legislative status	Not legalised (2025 session)	No casino or sports betting bills advanced
Projected tax revenue	$2.5–3.0 billion/yr	Estimate by the Innovation Group

 

A High-Spend Campaign with Minimal Results

Texas lawmakers meet only in odd-numbered years, making 2025 a key moment for Sands. The company’s controlling shareholder, Miriam Adelson, quadrupled lobbying spending compared to 2023. In late 2024, Andy Abboud, Sands’ head of government relations, said he believed the odds of Texas gambling expansion were “greater than 50%.” State politicians saw it differently. Bills to legalise casinos or sports betting did not gain traction, and Sands’ preferred state Senate candidate failed to reach a run-off. A series of lottery scandals hardened the opposition among some officials, and upcoming elections for attorney general and lieutenant governor appear unlikely to shift that stance.

Even so, Sands has not scaled back. It has launched new media pushes, promoting a vision of a “world-class” resort modeled after Marina Bay Sands in Singapore. Texas’ appeal boils down to scale. With more than 31 million residents, it is the second-largest US state. The next closest markets—Florida and California—are closed to Sands due to tribal exclusivity over Class III gaming. New York, another option, lost its appeal as lawmakers weigh legalised iGaming, which Sands believes could depress returns on large casino projects. “Texas is the biggest plum on the tree,” said Gene Johnson, executive vice president at consultancy Victor Strategies. He noted that Texas, Georgia, Hawaii, Utah, and downstate New York are among the last “true greenfield” gaming opportunities in the US. Of these, Texas offers the largest untapped customer base and a political climate that has been slow to expand gambling—an advantage for early entrants.

Earlier analysis from the Innovation Group estimated that a Texas casino market could generate $2.5bn to $3bn in annual tax revenue. Analysts say Texas may not need international traffic to succeed. In contrast, Las Vegas, Singapore, and New York rely heavily on foreign visitors and have seen volatility when travel softens. “I think it’ll be a great domestic market,” said Brendan Bussmann of B Global Advisors. He pointed to population centers such as Dallas and Houston, along with strong regional demand.

Oklahoma, Louisiana, and New Mexico have long benefited from Texans crossing state lines to gamble. Legalising casinos in Texas could redirect that flow. Bussmann estimated a Texas casino could draw as much as 92–93% domestic traffic—far higher than typical integrated resorts. Johnson also highlighted the scale of the Dallas–Fort Worth and Houston markets, calling them strong enough to support a major integrated resort even without international visitors. What Texas’ regulatory framework might look like remains unclear. Officials have a long record of opposing gambling expansion, which suggests operators would not enjoy the favorable conditions seen in Nevada, where casino taxes are 6.75%. New York’s pending downstate licenses carry tax rates of at least 25% for slots and 10% for table games.

Johnson said Texas might impose a “tolerable” structure, but that Sands may accept a high tax rate in exchange for access to the market. Bussmann stressed that Sands still lacks a message that resonates with lawmakers, and that a broader coalition of operators may be needed to shift opinion. “You need multiple operators coming in and saying, ‘Here’s a pitch,’” he said. “You need multiple parties in the process to give different perspectives.”

 

Texas is the biggest plum on the tree because of the lack of alternatives right now for the huge population and economic demographics.

 

A Lone Bet in the US

Sands has backed away from other domestic opportunities. This year it abandoned its New York bid and shut down its short-lived digital unit. That leaves Texas as its lone major US expansion strategy—even though the political roadblocks remain steep.

For now, Sands is still willing to invest and wait. Analysts say its persistence reflects the scale of the potential prize: first-mover status in one of the country’s largest and last untapped casino markets. Whether Texas lawmakers will take up the issue in future sessions remains uncertain, but Sands shows little sign of retreating.