Las Vegas Sands majority shareholder Miriam Adelson is betting big on Texas in hopes that Texas will soon bet big with her. [Tuesday], her campaign scored a big win.
In one of the most closely watched primary races of the session, Texas House Speaker Dade Phelan defeated challenger David Covey by 366 votes. As the official Republican candidate in a deep-red district, Phelan is all but certain to return to his seat next session. Adelson was Phelan’s top financial backer in the contest.
The win has implications for real estate. Adelson, who holds a majority stake in the Dallas Mavericks with her son-in-law, Sands president Patrick Dumont, would be well-positioned to pursue a large mixed-use casino development around the Mavericks arena if Texas legalizes gambling resorts.
