This year’s Las Vegas NBA Summer League garnered significant attention, largely due to the professional debuts of notable prospects including AJ Dybantsa, Darryn Peterson, and Cameron Boozer. The event, hosted in Las Vegas since 2004, also created a stir over the potential for NBA expansion to the city.
However, NBA Commissioner Adam Silver confirmed that no vote on expansion took place during the league owners’ meetings held on Tuesday. Instead, Silver seized the opportunity to commend the NBA’s enduring relationship with Las Vegas, expressing that the growing interest in expansion is “music to my ears.” He emphasized optimism about the future of NBA basketball in the city, stating, “I really appreciate what we’re seeing so far, so it’s very encouraging. No votes have been taken yet. We’ve got a ways to go in terms of discussions with interested parties, but I’m optimistic about the future here.”
In March, NBA owners unanimously voted to consider Las Vegas as a possible relocation site, alongside Seattle. Should the expansion move forward, franchise fees are anticipated to range from $7 billion to $10 billion, potentially reflecting some of the highest valuations in the market. The Los Angeles Lakers previously set a record by selling for $10 billion last year.
Delaying a decision on expansion intensifies the urgency for the league’s proposed timeline, which aims for new teams to begin play by 2028. The choice of venue remains a critical consideration. Currently, T-Mobile Arena is the sole facility hosting official NBA games, including the semifinals and finals of the NBA Cup in-season tournament since its initiation in 2023. T-Mobile Arena, co-owned by MGM Resorts, Barry Diller’s People Inc., and Bill Foley, who also owns the NHL's Vegas Golden Knights, is under discussion regarding its suitability for an NBA franchise. During MGM’s Q1 earnings call, CEO Bill Hornbuckle noted, “T-Mobile is part of that conversation, whether it’s short-term or long-term, all roads lead to it for now … so we’re intimately involved in those conversations.” He also highlighted the substantial interest in T-Mobile as a venue.
While T-Mobile currently hosts games, renovations would likely be necessary for a permanent NBA team. Foley has proposed to finance $300 million to $400 million in upgrades as part of a bid for team ownership, although this commitment is not guaranteed amid growing competition for franchise rights.
Numerous groups have expressed formal interest in owning an NBA franchise, with Silver stating that “most” of those interested “have not been public.” He remarked, “Multiple very serious groups are in the process of presenting plans to our bankers, and those plans not only include who the potential owners would be, but their vision for what Las Vegas basketball could look like, where they would play, how they would present the game.”
Among the known groups interested in ownership are Golden Knights owner Bill Foley, former Phoenix Suns owner Jerry Colangelo (who initially plans to base the team at T-Mobile Arena), NBA Hall of Famer Magic Johnson (with the site to be disclosed), and former Disney CEO Bob Iger (also undisclosed). Historically, owning a sports franchise in Las Vegas has proven lucrative; the Las Vegas Raiders were valued at $2.4 billion upon their NFL relocation approval in 2017, a figure that surged to $7.7 billion according to Forbes. Similarly, the Golden Knights saw their valuation increase from $500 million to $2.2 billion within the same timeframe, and the Oakland Athletics, despite not yet beginning play in Las Vegas, have risen in value from $1.2 billion to $2 billion over the past two years.
