On Friday, the Nevada General Assembly voted to approve a bill that will provide $750 million in financing for a new stadium to be built in Las Vegas for the Raiders NFL team. The money will be provided via an increase in hotel room tax for Clark County, Nevada of .88%.
Early last week, the Nevada Senate approved the bill and the Assembly chose to amend the measure to include more access of the stadium to the University of Nevada as well as Las Vegas plus a new rental agreement for the school. The bill will also see the room-tax increase assist the Las Vegas Convention Center overhaul which will have a total cost of $1.4 billion.
Governor Brian Sandoval is expected to sign the bill today, with the only hurdle for the new Las Vegas stadium now being the fact that NFL owners have to approve the Raiders move from Oakland to Sin City. A meeting of NFL owners is set for January in which the owners will decide if the team will be allowed to move.
The $750 million provided by the hotel room tax is just a portion of what is needed to see the stadium come to fruition. Sheldon Adelson is involved in the deal, offering to pay $650 million, with the Raiders pledging to pay $500 million towards the cost of the stadium. Adelson has also agreed to cover any unexpected costs that may arise.
Roger Goodell, the Commissioner of the NFL, has stated that he will not prevent the team from moving to Las Vegas though the decision is up to the NFL owners. If the owners choose to deny the move, the team will have to find other locations or come up with a deal for a new stadium in their current home city of Oakland. Earlier this year, owners denied the team’s request to move to Los Angeles.
Analysis has been completed on the deal for a new stadium in Las Vegas which showed that upwards of 450,000 more individuals would visit the city based on the Raiders move as well as the opportunity to attend NFL games along with other events. This would create a new genre for traveling to Las Vegas which would have a direct positive effect on hotel stays, gaming, dining, shopping and more.
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