Raiders One Step from Vegas
Las Vegas is only one step away from getting the Raiders NFL team after the Nevada Senate and Legislature passed a bill that raises $750 million in pubic funding for a stadium by increasing room taxes in Clark County.
Raiders owner Mark Davis who will be in Carson City when Governor Brian Sandoval signs the bill on Monday, released the following statement:
I would like to thank Governor Sandoval, the Southern Nevada Tourism Infrastructure Committee, and the members of the Nevada Legislature on this historic day. All parties have worked extremely hard to develop and approve this tremendous stadium project that will serve as a proud new home for the entire Raider Nation.
What Is Next
The stadium is estimated to cost $1.9 Billion. (You can see rendering of it here.) Of the remainder, the Raiders will put up $500 million and the rest will be financed by a group backed by Billionnaire Sheldon Adelson. The funding looks to be rather solid and I wouldn’t expect it to be an issue going forward so that leaves only one more hurdle.
First, Mark Davis must file an official relocation plan with the league. He is widely expected to do this at the owner’s meeting next week. That would pave the way for an official vote on the relocation in January. To be approved, 24 of the league’s 32 owners will have to vote yes. A tall task, but considering the alternatives for the Raiders, one that is plausible.
My Thoughts
As someone who has lived in Las Vegas for 23 years, I have long dreamed of having a major league team of our own. Now, with an NHL expansion team and the possibility of the Raiders, it seems like we may have two. I just wonder if the cost is just a bit too high. After all, no city has ever contributed $750 million to a stadium.
Is Las Vegas selling its soul in order to get a team and a venue that may never generate the revenue the city is giving up? Will this new stadium really be all that useful outside of football given the number of other venues already available in the city? I don’t know and time will tell, but the ball is now in the NFL’s court. Vegas has spoken and come through with the money. It seems that the Las Vegas Raiders may just be coming to town.
What do you think?
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This model of having the public pay for professional sports stadiums needs to stop. It’s ridiculous. Would the public subsidize any other business that makes money hand over fist? Of course not.
Taxpayers getting the shaft on this deal, no lube. Not like there’s been any warnings of how it’ll turn out. Oh wait…
Terrible idea – I don’t think it will drive any more tourism so I don’t see it bringing any money to the area. If the Raiders would pay for it great but since they want 750 mil I would say take a hike. Seems foolish and irresponsible and the fact they didn’t let the citizens vote makes it even worse.
YEAH, this happened in Miami. With MLB. The tourists were to pay for it. Pre – Zika. Well it was a lied, the citizens ended up paying for it. And then the owner gutted the team to cut costs. The voters rebelled. The mayor was recalled. The NFL team couldn’t even dream of asking for that same kind of deal. The owner of MLB is vilified. And LAS being like Miami, no one ever bothered to go to the games even when the team was good. Even today, only the die hard fans and tourists go to the games. Most residents can’t be bothered.
My advice, and that of other fiscal specialists on the economy in Localities. FORGET IT. Its just not worth it.
Public money for private profit to create another weapon of mass distraction. I see the mafia still runs vegas and the common man will continue to get screwed. Wait until the water runs out and this will add to the disaster of the area.
Last time I will ever visit vegas since I don’t gamble anyway.
Maybe Nellis AFB could do the world a favor.
I think that Las Vegas having an NFL team is a great idea. One item that you hadn’t mentioned is that taxes will be jacked up on every tourist coming to the area for the very few to visit town for a Raiders game. If Adelson and his ilk want the benefits of having a new stadium, they should foot the bill. They can certainly afford it.
I totally agree but they held the government hostage by saying $750M or nothing and for some reason they caved. Still shocks me.
Las Vegas looks like an insecure hick-town with this move. Signing away the future all starry-eyed despite many, MANY cautionary tales from other cities to learn from. Vegas also forgets that casinos are becoming ubiquitous – people don’t need to go there solely anymore. I used to love it but I’m done – there are much better values these days thanks to the Internet. Even though I’m an elite – I’m done with the nickel and diming. No hotel airport shuttles, 11 am checkouts as standard, RESORT FEES, no more free parking and smoke everywhere. This isn’t the 1950s anymore – I won’t be back.
Please read this article which I wrote, Shawn…
http://thegate.boardingarea.com/are-stadiums-and-sports-teams-really-worth-the-money/
…and ask what the people of St. Louis think about the public funding of stadiums as corporate welfare to multi-billion dollar entities…
http://thegate.boardingarea.com/rams-leave-saint-louis-missouri-100-million-debt/
…and I would conclude that one dollar is too much in public funding, in my opinion.
It sure seems that $750 million would go a long way to improve education, parks, and other quality of life things for Vegas residents. As someone that lived there for 13 years I saw first hand the lack of parks, students not meeting testing goals, a large homeless population, water issues, lack of health care, etc, etc. If there is to be a tax increase on tourism (hotel rooms) it is disappointing that the money is not helping the majority of Las Vegans. Instead, the money seems to benefit those that have a financial interest in professional sports.