Months of discussions and negotiations have finally paid off for the Oakland Raiders as the team has now received approval to move to Las Vegas, Nevada. The idea of the move began last year and as of this past Monday, the NFL owners decided to give their approval for the move.
The NFL team owners met in Phoenix on Monday and held a vote in order to see if the Oakland Raiders would be allowed to move their franchise from California to Las Vegas. A new domed stadium for the team is in the works, with $1.9 billion set to be spent on the new facility. Construction has yet to begin.
According to a report at ESPN, out of the 32 NFL owners, 31 voted in favor of allowing the move. The Miami Dolphins owner was the only one to vote No. For a team to be able to move, a minimum of 24 votes are needed.
In the fall of 2016, the lawmakers of Nevada voted in approval of a $750 million public subsidy plan to help pay for the new stadium. The plan did see controversy, but officials feel that the NFL team coming to Las Vegas will benefit the casino industry as well as the city as a whole.
It has been estimated that an NFL team located in Las Vegas will provide additional visitors to the city each year by around 800,000. As much as $620 million in additional economic activity is expected each year. Visitors to the stadium might not have come to Las Vegas otherwise but will most certainly take part in dining, entertainment and even a little gambling during their stay.
The plan has seen its fair share of troubles, especially after Sheldon Adelson backed out of the deal. Adelson was set to provide additional financing for the project. The project has now received financial backing from the Bank of America.
The new stadium is only in the beginning stages so the Raiders are not expected to play their first game in the new facility until 2019.
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