The push for NBA expansion into Las Vegas is rapidly gaining traction, with ESPN reporting that a decision on the winning bid from three finalists could come soon, likely by the year's end. The bidding for the new franchise and arena is estimated at around $12-13 billion, making it one of the most substantial investments in the league's history. Recently, an investment group led by Josh Kushner and former Disney CEO Bob Iger purchased the Los Angeles Lakers for a record-breaking $12.5 billion.
The finalists for the NBA expansion bid are notable figures in sports ownership:
– Nancy Walton Laurie and Bill Laurie
– Steve Apostolopoulos and Marc Lasry
– Bill Foley and Jerry Colangelo
Each of these groups has experience in owning or attempting to acquire professional sports teams. Earlier this year, NBA owners unanimously approved Las Vegas and Seattle as potential expansion cities, although reports indicate that the league is prioritizing Las Vegas due to its more competitive bidding environment. The prospective investors seem more inclined to build a new arena than to use the already-established Climate Pledge Arena in Seattle.
Las Vegas has cultivated a significant relationship with the NBA over the past two decades, having hosted the annual Summer League since 2004, along with the finals of the NBA Cup in-season tournament since its inception in 2023.
If successful, Las Vegas would join the ranks of other major sports leagues; the city already welcomes the NHL's Golden Knights, who began play in 2017, the NFL's Raiders, who arrived in 2020, and the MLB's Athletics, set to debut in 2028. Should the NBA approve the expansion, Las Vegas would be the smallest metropolitan area to house all four major sports leagues.
The timing of expansion discussions coincides with fluctuations in the local economy. While Las Vegas experienced strong economic performance from 2020-2024, visitor metrics and tourism numbers have declined since the start of 2025. In August, the Nevada Gaming Control Board reported that gross gaming revenue on the Strip was slightly up by 0.7% year-over-year, totaling $684 million, while Clark County's gaming revenue increased 2.8% in the same period.
Visitor numbers, however, took a hit, dropping 4.3% to 3 million in August—marking the most significant year-over-year decrease thus far in 2026. Average nightly room rates and revenue per available room also decreased by 11% and 16%, respectively. Traffic at Harry Reid International Airport fell 9% year-over-year, with both domestic and international flights down.
Sports have become a central economic driver for Las Vegas, with the city successfully hosting major events like the Formula 1 Las Vegas Grand Prix, the Super Bowl, and the NCAA College Football Playoff. These events often yield economic impacts nearing or exceeding $1 billion, and the values of local franchises have surged since their introductions. For instance, the Athletics are now valued at $2 billion, up from $1.2 billion just two years before their official launch.
Despite the city's impressive growth in sports valuations, the viability of an NBA franchise remains uncertain, particularly if costs exceed $10 billion for the team alone and demand an additional $2 billion for a new arena. Comparatively, NFL teams average over $660 million in annual revenue, while NBA teams average around $416 million.
Local officials remain optimistic about the prospects for an NBA team in Las Vegas. Janis Burke, the chief sports officer of the LVCVA, emphasized the city's dedication to basketball, highlighting the significant interest expressed by major brands and tournaments.
As the bidding process continues, the status of the arena intended for the potential franchise remains unknown. Recent NBA-specific arena projects have emerged and dissipated over the years, but discussions are intensifying now. Key stakeholders are competing to secure the remaining prime locations along Las Vegas Boulevard.
The league has earmarked 2028-29 for the franchise's debut, pointing to T-Mobile Arena as a likely temporary venue while a permanent facility is developed. This arena currently hosts the Golden Knights and is partially owned by Bill Foley, a contender for the new NBA team. Although T-Mobile is set to host NBA Cup games, it requires substantial upgrades to accommodate a full-time franchise. Foley has committed to funding these improvements if his bid is successful, though the hefty purchase price could prompt incoming owners to seek a new arena for maximizing revenue as seen with the Golden State Warriors and their Chase Center.
Matt Prevost of BetMGM indicated a willingness to welcome the prospective NBA team at T-Mobile but conceded that a different long-term venue would also be acceptable.
