This year's NBA Summer League in Las Vegas attracted considerable attention, particularly with high-profile debuts from top prospects such as AJ Dybantsa, Darryn Peterson, and Cameron Boozer. Amid the excitement, the possibility of expanding the league to include a Las Vegas team became a focal point of discussion during the event, which has taken place in the city since 2004.
However, NBA Commissioner Adam Silver announced that no vote on expansion occurred during the recent league owners' meetings held on Tuesday. Silver took the opportunity to commend the NBA's strong ties to Las Vegas but mentioned that while the interest in expansion is promising, "music to my ears," there remains work to be done. "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," he stated.
In March, NBA owners unanimously agreed to explore Las Vegas as a potential relocation option alongside Seattle. If approved, the cost per franchise is expected to be between $7 billion and $10 billion, a figure that would be among the highest in the market. Notably, the Los Angeles Lakers set a record last year when they were sold for $10 billion.
The delay in voting adds urgency to the league's preferred schedule, aiming for any new teams to begin play by 2028. A major factor in this timeline will be the availability of a suitable arena. Currently, the only venue for official NBA games is T-Mobile Arena, which has hosted semifinals and finals of the NBA Cup since it began in 2023. Co-owned by MGM Resorts, Barry Diller’s People Inc., and Bill Foley—the owner of the NHL's Vegas Golden Knights—the arena is central to discussions surrounding any potential expansion.
MGM CEO Bill Hornbuckle commented during the company’s Q1 earnings call, saying, "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." Hornbuckle noted that MGM has been asked to consider how to position T-Mobile Arena for potential bidders, indicating extensive interest in the venue.
Though T-Mobile currently hosts NBA games, there is a general consensus that it would require renovations to accommodate a full-time NBA team. Foley has proposed financing $300 million to $400 million in upgrades as part of his ownership bid, though this faces uncertainties as competition heightens for expansion.
Several ownership groups have come forward with formal announcements, with Silver noting that most interested parties remain unnamed. "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," he remarked.
Prominent figures among the known interested parties include: Bill Foley, owner of the Golden Knights; former Phoenix Suns owner Jerry Colangelo, who plans to open at T-Mobile Arena; NBA Hall of Famer Earvin "Magic" Johnson, and former Disney CEO Bob Iger, with their potential sites undisclosed.
Historically, owning a sports franchise in Las Vegas has proven to be a profitable venture. For instance, the valuation of the Las Vegas Raiders increased from $2.4 billion at the time of their relocation approval in 2017 to $7.7 billion currently, according to Forbes. Similarly, the value of Foley’s Golden Knights rose from $500 million to $2.2 billion during that same period. The MLB's Athletics franchise, yet to debut in Las Vegas, has escalated in value from $1.2 billion to $2 billion over the last two years.
