Nevada Committee Approves $750M Public Funding Plan For NFL StadiumGovernor, Legislature Now Need To OK Idea |
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The Southern Nevada Tourism Infrastructure Committee on Thursday unanimously recommended $750 million worth of public funding for a proposed $1.9 billion NFL stadium in Las Vegas, according to reports.
Sheldon Adelson would put up $650 million toward the project, while the Raiders would contribute $500 million. Any cost overruns would apparently fall on Adelson.
The committee’s recommendation goes to Gov. Brian Sandoval, who would have to hold a special legislative session to get the public contribution approved. NFL owners meet in January to vote on whether the Raiders can relocate to Las Vegas.
The public contribution would not come with any profit-sharing plan, according to a report from the Las Vegas Sun. A Las Vegas hotel room tax would increase by 0.88 percent in order to fund the public contribution, which would come in chunks rather than all at once.
“This is an exciting and momentous day,” developer Las Vegas Sands said. "[We] look forward to having similar discussions with the 63 members of the Legislature.”
A site hasn’t been selected yet, but it has been narrowed down to two locations: a 62-acre site west of I-15 and the Mandalay Bay casino, between Russell Rd. and Hacienda Ave.; and the Bali Hai Golf Club, south of Mandalay Bay between Las Vegas Blvd. and I-15.
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