Las Vegas Raiders Stadium Construction To Cost $1.3B, With Public Paying For About HalfOfficial Numbers Released By Stadium Authority |
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Construction costs will amount to more than $1.3 billion for the upcoming Las Vegas stadium that will be home to what are currently the Oakland Raiders, according to official figures released by the Las Vegas Stadium Authority this week.
The Raiders are chipping in the most with a total contribution of $850 million, while a public subsidy of $750 million, approved in late 2016 by Nevada lawmakers, will cover most of the remainder. The NFL is providing $200 million in financing.
While construction will be $1.33 billion, the total budget for the project will balloon to $1.8 billion when you factor in the land acquisition ($77 million) and other costs such as engineering.
According to the Stadium Authority, the Raiders have already spent $180 million on development.
The site for the stadium is a plot of land at Russell Rd. and Interstate 15, not far from the Mandalay Bay Casino and the iconic “Welcome To Las Vegas” sign.
The project eyes a “substantial completion date” of July 31, 2020, just in time for the Las Vegas Raiders to play their 2020-21 season home games in Sin City.
Demo and site preparation began about a week before Christmas last year, and the foundation work began last month. The stadium, to be equipped with 65,000 seats, will first start to rise from the ground in mid-April. The steel roof is expected to be done in May 2019.
City officials met Thursday to review the latest details of the project.
According to a separate Nevada report, a NFL team in Las Vegas could bring 400,000 additional people to the city annually and generate $620 million in annual economic activity. Some of that would come from increased sports betting volume at local casinos. The state estimates than an additional 700,000 hotel stays citywide will result from the stadium.
The UNLV football team will also play at the stadium, and the Stadium Authority plans to host international soccer matches there as well. It could also house combat sports events. Around 50 events each year are being eyed for the stadium. An estimated two million people will attend events there each year.
According to Nevada lawmakers, the public subsidy falls in line with deals handed out to other NFL teams across the country. Below is a graphical representation.
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