Behind the Race to Build North Texas’ First Casino

Miriam Adelson’s Las Vegas Sands Corp. has been dumping millions into the effort to legalize gambling with the ultimate goal of building Dallas’ first casino. However, Sands has yet to get a favorable bill onto the state Senate floor, the primary obstacle being Lt. Gov. Dan Patrick, a fervent opponent of gambling.

Looking at the effort as a showdown between Adelson and Texas’ conservative politicians who morally object to gambling expansion leaves out a primary player in the race: the Native American tribes who’ve been pushing to build Dallas’ first casino for years. A recent Dallas Morning News report explores the paths to a Dallas casino that may not involve Sands.

Texas once again has the opportunity to legalize casino gambling in the upcoming 2027 legislative session, which is supposed to kick off with the presentation of a study on the economic impacts of legalizing casino gambling. If gambling is legalized this time around, the state could either reach an agreement with a commercial operator to provide licenses or a compact with a Texas tribe.

Sands has said it’s “playing to win” and upped the ante on its Dallas bet by purchasing a majority stake in the Dallas Mavericks in 2023. But, the Las Vegas-based firm’s win is far from secured.

If Texas opted to provide licenses, outside tribes could compete, which is good news for the Chickasaw and Choctaw tribes of Oklahoma. The nearest Vegas-style casino to DFW is WinStar World Casino and Hotel about 80 miles north of Dallas. It’s the world’s largest casino and it’s operated by the Chickasaw Nation of Oklahoma.

“We’ve been planning and been prepared for this for years,” Choctaw Chief Gary Batton told the outlet about a Dallas casino.

Houston office distress heats up

The defaulted loan tied to Houston’s CityNorth office campus is for sale less than a decade after the property underwent an $80 million renovation. JLL is marketing the $75.8 million nonperforming loan tied to a 1 million-square-foot portion of the office campus, JLL’s Tom Hall said in a LinkedIn post. The default amount comes to $72 per square foot.

The loan, which Deutsche Bank originated in 2021, is backed by three office buildings and two retail buildings, all of which sit on 23 acres in Houston’s Greenspoint neighborhood.The note is being sold as a “deed-in-escrow” opportunity, which would allow the buyer to quickly take over the property from owner Lincoln Property Group.

Over in Downtown Houston, Brookfield Properties is at risk of defaulting on the $470 million CMBS loan tied to two Allen Center buildings. The loan backed by One and Three Allen Center was flagged for special servicing. It was set to mature in April 2023, but Brookfield secured three one-year extensions, pushing the maturity date to Apr. 9.

Lone Star State in London

Texas is taking its business-friendly pitch overseas, opening a London office aimed at pulling investment and jobs from the United Kingdom to the Lone Star State. The outpost, approved this month, marks Texas’ latest push to globalize its economic development strategy, building on efforts that have already drawn companies from higher-tax U.S. states. The Guardian reported that officials tied to Gov. Greg Abbott are now targeting the City of London’s deep bench of financial firms, hoping to extend a streak that has helped Texas surpass California in Fortune 500 headquarters.

Washburne tees up Highland Park Village revamp

Dallas’ most exclusive shopping center is getting a multimillion-dollar facelift. Highland Park Village owners Gillon Property Group, the real estate operating arm of the Washburne and Hunt-Hill family offices, filed plans to revamp two of the shopping center’s buildings, totaling about 10,000 square feet of the 259,000-square-foot complex. The project is expected to cost $11 million — about $1,100 square foot in renovation costs. Ray Washburne, founder of the Mi Cocina restaurant chain, bought Highland Park Village in 2009 for $170 million with his wife, oil heiress Heather Hill Washburne, and her sister Elisa Hill Summers and Elisa’s husband. Heather Hill Washburne is the granddaughter of Margaret Hunt Hill and great-granddaughter of Hunt Oil founder H.L. Hunt.