Las Vegas NFL Stadium Talks Heat Up As $750 Million In Public Funding SoughtTaxpayers Would Have Largest Burden For New Facility |
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The board of Las Vegas Sands Corp., the largest casino developer in the world, reportedly won’t help fund a proposed billion-dollar stadium for the Oakland Raiders in Las Vegas, but Sheldon Adelson is asking for $750 million in public funds to build it.
Such a large government subsidy for a NFL stadium is a controversial practice because the benefit to the public in the long-run is questionable. Sands has said that without the $750 million the stadium won’t be built.
According to a report from the Las Vegas Review-Journal, Adelson, who described a NFL stadium in Las Vegas as a “must have” for the city, said he would be willing to go into his own pocket to develop the possible future home of the Raiders.
NFL owners meet in January to vote on whether the Raiders can relocate. With that vote quickly approaching, state and local officials are working fast to get the pieces in order for the proposal.
The Review-Journal reported that Adelson would contribute $650 million of his personal fortune, estimated at $28 billion, for the project. The Raiders would fork over $500 million thanks to a loan from the NFL and seat licensing fees, while Nevada taxpayers would be stuck with financing the rest of the stadium that could approach $2 billion. According to Adelson, who has been spending millions of dollars to ban online poker nationwide, any overruns on the cost would fall on him.
The Las Vegas Raiders stadium purportedly would add $830 million to the local economy.
Adelson’s family owns the newspaper that published the report.
The $750 million public contribution would be raised over 30 years by adding one percent to Clark County’s hotel room tax, which is already at 12 percent.
State lawmakers would have to approve the tax increase.
If the stadium is built, it would be managed by a seven-member “stadium authority” board. Nevada Gov. Brian Sandoval, along with others, would appoint the members.
The Southern Nevada Tourism Infrastructure Committee is set to meet on Sept. 15 to vet the current stadium plan. It could make a recommendation to Sandoval on what to do next.
Two sites are currently under serious consideration: 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.
Stadium renderings were recently released for the Bali Hai site.
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