Dive Brief:
- Oakland Raiders owner Mark Davis told Nevada tourism officials that he is ready to relocate the NFL team to Las Vegas with a promise of $500 million toward construction of a 65,000-seat, $1.4-billion domed stadium, according to the Las Vegas Review-Journal.
- Davis' offer is contingent on the state Legislature's approval of a public-private partnership (P3) that would include additional financing of $750 million in tourist taxes and $150 million from a private partnership between casino company Las Vegas Sands Corp. and Majestic Realty.
- The Southern Nevada Tourism Infrastructure Committee will make recommendations to the Legislature this summer about a variety of projects for Las Vegas, including alternate stadium sites, but they do not have authority over the Legislature's decisions.
Dive Insight:
The proposed use of tourist tax dollars has been criticized by local businesses that want to see those funds used for convention center upgrades and expansion to bring more convention business to the city.
Aside from the issues of financing, Davis still has to convince the NFL to permit the move, as in the past the organization has not been keen on the prospect of one of its teams calling the center of legalized gambling home, the Associated Press reported. In addition, $200 million of Davis' contribution will be the standard stadium construction loan from the NFL, so the organization's backing is critical.
In January, the NFL denied a Raiders' bid to move the team to Los Angeles, instead approving a new stadium to be shared by the former St. Louis Rams and the San Diego Chargers. Not long after the NFL decision, casino giant Las Vegas Sands Corp. announced it would push for the $1.4 billion stadium, kick in $150 million, and try to bring the Raiders — in addition to other sporting and public events — to the University of Nevada, Las Vegas-owned site.
