The National Basketball Association (NBA) and its board of governors are set to hold a preliminary vote in New York on March 24-25 to consider bringing an expansion franchise to Las Vegas, as reported by ESPN. Las Vegas is among two potential expansion locations being evaluated, alongside Seattle. According to the report, the value of each team could range from $7 billion to $10 billion, and both franchises are expected to rank among the top eight markets for revenue generation.
The upcoming vote will designate these cities as possible relocation targets, paving the way for a bidding process. A subsequent vote later this year could officially expand the league from 30 to 32 teams, with the aim of having the new franchises compete in the 2028-29 season. The perception of a Las Vegas franchise has evolved significantly since two decades ago when controversial views lingered; now, with sports wagering legal in 40 states, the city is considered a more viable option.
For the preliminary vote to pass, a high threshold must be met: at least 23 out of 30 existing team owners need to approve it in both voting sessions. There is a chance that owners might reject the expansion bid in an effort to maintain their share of revenue, as current league earnings are distributed among 30 teams and uncertainty exists about whether the additional revenue from Las Vegas and Seattle would offset the dilution from having 32 teams.
Speculation about Las Vegas as a potential NBA expansion site has been ongoing for several years, and the market's rapid growth post-COVID has only intensified this discussion. Earlier this month, NBA Commissioner Adam Silver met with Nevada Governor Joe Lombardo to discuss the league's expansion plans, emphasizing that Las Vegas and Seattle are the desired locations for new franchises.
There is considerable interest from various entities in bidding for a franchise in Las Vegas. The value of NBA teams has seen significant increases in recent years. For instance, the Phoenix Suns were sold in 2022 for a record $4 billion, which was subsequently surpassed three times last year: the Portland Trail Blazers for $4.25 billion, the Boston Celtics for $6.1 billion, and the Los Angeles Lakers for $10 billion.
One notable potential bidder is NBA Hall of Famer Magic Johnson, who met with Lombardo in February. Johnson leads a group called MAGI that includes local investors. He holds ownership stakes in several sports franchises through Magic Johnson Enterprises, including the Los Angeles Dodgers and Washington Commanders. Johnson referred to Las Vegas as his 'favourite home away from home' and expressed enthusiasm about the city's prospects for an NBA team. For his part, Lombardo stated that his administration is open to discussions about bringing more professional sports teams to Nevada.
Las Vegas has rapidly established itself as a major hub for professional sports over the past decade, with teams like the Golden Knights (NHL), Aces (WNBA), and Raiders (NFL) making their home in the city. The Oakland Athletics are also set to build a new stadium on the Las Vegas Strip, targeting a debut in 2028. The city hosts notable events such as the Formula 1 Grand Prix, the Super Bowl, and March Madness, showcasing its growing sports appeal.
Interestingly, one of the most prominent potential buyers for a Las Vegas franchise, the Adelson family known for Las Vegas Sands, just acquired a majority stake in the Dallas Mavericks in 2023, valued over $4 billion. Patrick Dumont, Sands' President, is the governor of the Mavericks. This acquisition seems part of a broader strategy for casino legalization in Texas, although the Sands' proposal for a new development involving a casino in Texas faced significant pushback.
The NBA's potential expansion into Las Vegas has led to various arena proposals, with T-Mobile Arena, currently home to the Golden Knights and Aces, as a primary contender. However, renovations needed to meet NBA specifications pose challenges. Golden Knights owner Bill Foley has suggested possible investment for renovations if included in the ownership group, adding further complexity as competing bids may arise. The arena's affiliation with MGM Resorts could also discourage prospective owners from pursuing this option due to shared interests.
Other arena projects throughout the years have seen varying degrees of success. The All Net Arena development, aiming for an NBA-ready arena on the north end of the Strip, fell apart due to permit issues and resulted in substantial legal troubles for its former backer. Subsequent ventures like LVXP's plans for a hotel and 18,000-seat arena have stagnated, and similar developments from the Oak View Group have also been abandoned.
Recently, Resorts World Las Vegas has entered discussions as a possible arena site. Carlos Castro, the casino’s president and CFO, recently referred to surrounding vacant land as a prime location for an arena. Several stakeholders, including members of the Nevada Gaming Control Board, have expressed optimism about the prospect of an NBA team enhancing the visibility and appeal of the north end of the Strip.
The addition of an NBA team aligns with the city’s ongoing evolution as a sports destination. Sports have emerged as a leading draw, particularly as visitation figures fluctuate. In 2025, total visitation was recorded at 38.5 million, a 7.5% decline from 2024, largely due to lower numbers from international visitors. While attendance at sporting events has decreased, spending on these events has increased, indicating a demand shift.
With the anticipated arrival of the Oakland Athletics in 2028 coinciding with the proposed NBA expansion, Las Vegas stands to gain significantly from this dual development. The city has a strong historical connection to the NBA, hosting various league events and serving as a training camp site for the US men’s basketball team. As Silver remarked at the NBA Cup final last December, the interest in the Las Vegas market is clearly evident.
