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Raiders, Developers Zero In On Preferred Vegas Site; Demand $750M In Public Money
The Raiders, Las Vegas Sands and Majestic Realty have "zeroed in on a site" and a $1.9B budget for a proposed 65,000-seat football stadium in Las Vegas, but they if $750M in hotel room tax revenue "isn't authorized for the project, the dome ... won't be built," according to a front-page piece by Richard Velotta of the LAS VEGAS REVIEW-JOURNAL. The developers on Thursday told the Southern Nevada Tourism Infrastructure Committee that their "preferred stadium site is acreage west of Interstate 15, across from Mandalay Bay." They added that a purchase agreement "is in place." The Bali Hai Golf Club "is the developers' No. 2 choice." Under the developers' proposal, the public would put up $750M, or 39% of the cost, and private investors "would cover the remaining" 61% -- $650M from Las Vegas Sands and $500M from the Raiders. SNTIC Chair Steve Hill and Las Vegas Sands President & COO Rob Goldstein said that the public "would own the stadium." Velotta notes the stadium "would be operated by its own seven-member authority" ( <a href="http://www.reviewjournal.com/business/stadium/developers-identify-preferred-site-and-proposed-budget-19b-stadium" target="_blank">LAS VEGAS REVIEW-JOURNAL, 8/26</a> ). In Las Vegas, Jackie Valley notes the developers "held firm that the public contribution for the project must" be $750M, or there is "no deal." Goldstein: "We are not negotiable. The numbers aren't going down. If we can't get $750 (million), we respectfully thank you and move on." Valley notes UNLV football "would also play at the stadium" ( <a href="http://lasvegassun.com/news/2016/aug/25/developers-no-negotiating-on-750-million-for-propo/" target="_blank">LAS VEGAS SUN, 8/26</a> ). The AP's Michelle Rindels <strong> </strong> noted any NFL team relocation "needs the blessing of three-quarters of NFL owners, so developers are rushing to prepare their pitch by January, when the owners next meet" ( <a href="http://www.espn.com/nfl/story/_/id/17392757/las-vegas-stadium-backers-2-top-sites-oakland-raiders" target="_blank">AP, 8/25</a> ).
