Las Vegas Market Watch

Raiders? Are they coming to Las Vegas?

May 27, 2016
By Jodi Snyder
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"I just think the obvious that Las Vegas is a very attractive place," Jerry Jones said.  "It's one of our nation's real jewels, it's unique, it is American.  And all of that, in my eyes, is what the NFL aspires to be associated with.  It's a great entertainment environment, and I think that far overshadows any issue to do with gambling.

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Jerry Jones is a gambling man, and the owner of the Dallas Cowboys sent a speculative message with a more positive tone. When asked if the league’s owners are open to exploring Las Vegas as an NFL city, Jones said, “Simply, yes.”

Roger Goodell, NFL commissioner stated that the Raiders moving to Las Vegas as “very premature” and “pure speculation.”  

However there are many on board to make this a reality.

Raider’s owner Mark Davis had a different message as he vowed to move his team to Las Vegas: 

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“This is the real deal. If Las Vegas can come through, we’re going to be there. I made a commitment.”  “It’s a virgin market, so to speak, which is a funny way to describe Las Vegas,” Davis said. “It’s a new market, and it’s got the potential to be a really exciting market.”

In April, last month, a plan to finance a 65,000 seat stadium near the Strip was presented to the Southern Nevada Tourism Infrastructure Committee. The project would be funded through a public-private partnership including the Raiders, Las Vegas Sands Corp. and Majestic Realty.

Excerpts from reporter Matt Youmans article:  The Review-Journal is owned by the family of Las Vegas Sands Chairman and CEO Sheldon Adelson. Reporter Matt Youmans.

Let’s look at the progress of the supporters

FACTS and TIMELINE

Facts

May 26, 2016

The Southern Nevada Tourism Infrastructure Committee (SNTIC) reviewed the details of the financial proposal for the domed stadium.  The partnership comprising Las Vegas Sands Corp., Majestic Realty, and the Raiders presented the proposal.

Locations proposed: 

Acreage near closed Riviera hotel-casino

The Rock in Rio festival grounds on SW corner of Las Vegas Blvd & Sahara

Cashman Center site – Downtown Las Vegas

Projected Profit – The committee project a return of 9% based on 46 events

Funding sources -  $750 million from taxes on tourists and $650 million from private sources. The Raiders would contribute $500 million, including a $300 million loan from the NFL, with Las Vegas Sands/Majestic Realty adding $150 million.  

Events – 46 events proposed include:  Raider and local UNLV games, 2 bowl games including a Las Vegas Bowl game, neutral site college games, concerts, rugby, soccer, NCAA basketball tournaments, boxing, martial arts and champion ship motorsports events.

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 location

January 2017 – NFL 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.

Mayor Goodman says that we will have a “team”.  Who & When?  Stay tuned.

May 27, 2016
By Jodi Snyder