This year's NBA Summer League in Las Vegas has gained significant attention, particularly for the much-anticipated debuts of promising players like AJ Dybantsa, Darryn Peterson, and Cameron Boozer. However, the event also stirred excitement regarding a potential vote on NBA expansion to Las Vegas, a discussion that has lingered since the league began hosting the Summer League in the city in 2004.
After the latest round of meetings among NBA owners concluded on Tuesday, Commissioner Adam Silver informed reporters that no vote to approve expansion had taken place. He expressed appreciation for the NBA's long-standing relationship with Las Vegas while indicating that the growing interest in expansion is encouraging. Silver stated, "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 had unanimously agreed to consider Las Vegas, along with Seattle, as potential relocation sites for franchises. The cost of each franchise is expected to range from $7 billion to $10 billion if approved, positioning it among the highest prices in the current market. Notably, the Los Angeles Lakers sold for a record $10 billion last year.
Delaying the vote adds pressure to the league's desired timeline for expansion teams to launch by 2028. T-Mobile Arena is the only venue currently hosting official NBA games in Las Vegas, playing a pivotal role in discussions surrounding future teams. Since its establishment, T-Mobile has also been the site for the semifinal and final games of the NBA Cup, introduced in 2023. The arena is co-owned by MGM Resorts, Barry Diller's People Inc., and Bill Foley, the owner of the NHL's Vegas Golden Knights. MGM CEO Bill Hornbuckle mentioned during a Q1 earnings call that ongoing discussions focus on T-Mobile for both short-term and long-term planning as the local venue.
Hornbuckle elaborated, "T-Mobile is part of that conversation… all roads lead to it for now. So we’re intimately involved in those conversations." He acknowledged that there has been extensive interest in positioning T-Mobile for potential bidders. While the arena currently accommodates NBA games, there are expectations for necessary renovations and upgrades to support a full-time team. Foley has proposed financing between $300 million and $400 million in upgrades as part of his ownership bid, though this is not assured amid increasing competition.
On the ownership front, several groups have announced their interest, with Silver noting that many of the involved parties have not gone public. He explained, "Multiple very serious groups are in the process of presenting plans to our bankers, including who the potential owners would be, their vision for Las Vegas basketball, where they would play, and how they would present the game."
Some of the prominent investor groups interested include Bill Foley, the owner of the Golden Knights; Jerry Colangelo, former owner of the Phoenix Suns; NBA Hall of Famer Earvin "Magic" Johnson; and former Disney CEO Bob Iger, although specific plans for their bids remain undisclosed. Ownership of a Las Vegas sports franchise has proven to be a lucrative investment; for example, the Las Vegas Raiders were valued at $2.4 billion when the NFL approved their relocation in 2017, a figure that has risen to $7.7 billion, according to Forbes. Similarly, the valuation of Foley's Golden Knights jumped from $500 million to $2.2 billion in that timeframe. The Athletics MLB franchise, likewise, saw a valuation increase from $1.2 billion to $2 billion over the past two years, even before its debut in Las Vegas.
