Chairman and CEO of Las Vegas Sands, Sheldon Adelson, is reportedly doubling down on his efforts to consider proposed new legislation for Texas online casino. The 87-year-old has been spending money to push the legislation in the state as soon as possible.

New legislation for Texas

Austin-based TV broadcaster KXAN-TV reported on Tuesday that Adelson and his wife recently spent about $4.5 million to help the campaigns of Texan Republicans. The investment arrived shortly after a Democratic member of the Texas House proposed a new constitutional amendment. The amendment will allow select coastal jurisdictions to debut iGaming platform.

A similar effort was made earlier this year, which failed in the legislature. However, it could gain more support this time because the state could be facing a budget shortfall of about $4.6 billion. The coronavirus pandemic has not just created a huge hole in the state’s coffers but has also brought economic stagnation.

What led to the proposal?

The proposal, initiated by Joe Deshotel, is an effort to help the jurisdiction offset the enormous costs of wind storm insurance. It could be useful in providing residents with aid if a catastrophic flood hits the state. Deshotel represents Port Arthur and said that land-based casinos are legal in four neighboring states- Oklahoma, Louisiana, New Mexico, and Arkansas. His measures could help in keeping precious tax dollars within the state which may otherwise seep to its neighbors.

He told the broadcaster,

“Now is possibly the very best time that the possibility of legalizing online casinos has had in fairly some time. We are attempting to stop cash leaving Texas in such giant quantities so that it can instead go into coffers right here and be used to serve Texans who need assistance.”

With backing from Adelson and support from other legislators, the proposal could provide the state a way to plug leakages in its tax revenues and create more opportunities for the thriving iGaming market.