Las Vegas Market Watch

Would you bet that the Raiders Are Coming To Las Vegas?

September 03, 2016
By Jodi Snyder
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Would You Bet That The Raiders Are Coming To Las Vegas?  

How About A Super Bowl Game In The Entertainment Capital Of The World In This Futuristic Stadium?  

Raiders

 

THE EXCITEMENT IS MOUNTING

Adelson

Las Vegas Sands Chairman and CEO Sheldon Adelson are betting on its success by personally contributing $650,000,000 to the $1.9 billion stadium.  And recently Adelson has offered to pay for any cost over runs. 

“We’ve got to make it work and make sure all parties are happy.  I think we’re getting there.Everybody is working hard on all sides.”  “I’m totally excited about it.” Mark Davis, Raiders owner said.  

 

ADELSON GIVES THE STADIUM PRIORITY OVER CONVENTION CENTER UPGRADE

Adelson has challenged MGM Resorts International Chairman and CEO Jim Murren’s support of a proposed $1.4 billion upgrade of the Las Vegas Convention Center, calling a new stadium backed by Sands a higher priority for Southern Nevada’s tourism economy.

 “We should invest in a new world-class stadium,”   Adelson said in a statement to the Review-Journal that addressed Murren by name. “A new stadium would bring in a lot of new business when it is needed and when the city is capable of handling it, while not putting additional pressure and traffic or demand for rooms when the hotels cannot accommodate them.”

Word on the street is that the Adelson family recommended that a special session of the Legislature to start preparing the January 2017 presentation for the National Football League owners.

 

DECISION DATE MOVING UP ON THE CALENDAR

Developers proposing a 65,000-seat, $1.9 billion domed football stadium have said they want to move the process along quickly, now that they’ve agreed on TWO prospective sites.

Our sources discussed the move with several casino employees who are jazzed about the Raiders move and a new stadium that would be owned by the public.  In fact they think it is a done deal pending approval by the NFL owners due to the buzz they hear.   

The Timeline that we published May 28, 2016 states that in August 2016 a location would be finalized.  Last week two sites were identified with the Russell Road site as the preferred site by the developers.

 

CHECK BACK HERE FOR RESULTS OF SEPTEMBER 8th MEETING

As of Thursday, September 1, 2016, Mr. Steve Sisolak, the chairman of the Southern Nevada Tourism Infrastructure Committee agreed that the committee would advance the schedule and meet Wednesday, September 8, 2016 for further location discussions.  Part of that discussion will include recommendation for additional police officers. 

 

SENATOR HARRY REID APPROVES

Reid

Senator Harry Reid – “I think it would be great if the Raiders came to Las Vegas” Reid said.  Reid added that no federal funding would be requested.

 

TIMELINES

June 23, 2016 – review the panel’s recommendation to the Governor Sandoval who would have to call a special legislature to approve the financing.

July 11, 2016 - final vote on the $1.4 billion financing package

August 2016 – finalize locations.  An offer is on the table.

September 8, 2016 – Finalize location and Police recommendation.

January 2017 – NFL owners meeting for approval

January 2017 – room tax in place with a projected $50 million per year generated to manage the facility. 

July and September 2017 – Completion of the stadium design and contracting bids. 

August 2020 – Opening of the stadium for the season Raider games.

 

CHECK OUT OUR May 28th BLOG – Raiders, Are They Coming To Las Vegas?

 

Thank you to our research information and picture sources, Richard N. Velotta and Sean Whaley of the Las Vegas Review-Journal.

 

September 03, 2016
By Jodi Snyder