NBA basketball has of course already been played in Vegas, with the Jazz playing some games there in the early/mid 80's, shortly after the move to Salt Lake. Not sure what rules were in place then about gambling and such.
As far as a team moving to Vegas? I don't know if it would do well in the long term. Trying to sell the team to people coming to Vegas is a pretty dicey proposition in a sport where you need 41 good sized houses a year. UNLV, the local college team doesn't do much more than half fill the Thomas and Mack Center.
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