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Final Docs Signed for Raiders' LV Stadium

After a year of discussions, Las Vegas and NFL stakeholders make new stadium construction official

March 29, 2018

The Las Vegas Stadium Authority Chairman Steve Hill and Raiders President Marc Badain signed lease and development agreements to build a $1.8 billion, 65,000-seat stadium on Wednesday.

“Let’s build a stadium,” Hill said after shaking Badain’s hand. The new stadium will be the home of the NFL Raiders and UNLV Rebels

Wednesday's signatures were inked after Tuesday's 31-1 vote by NFL owners to approve financing and stadium plans which will include a $200 million loan from the league's G-4 program that is reserved for stadium construction projects. The organization has already invested $180 million in the project to purchase the land and site work.

The Raiders have said that the total cost of the move from Oakland to Las Vegas, including a training facility and headquarters, will top $2 billion.

The lease agreement sets the groundwork for the Clark County Commission to consider issuing construction bonds for the project. That decision is expected April 3. Another $750 million in hotel room tax is earmarked for the project.

Under the terms of the agreement, the Raiders are prevented from leaving Las Vegas during the 30-year term of the deal.

Nevada officials expect 450,000 people every year to travel to Las Vegas to attend events held in the stadium.

Construction is scheduled to be completed on August 1, 2020, a couple of weeks before the Raiders plan to host their first exhibition game in the new stadium.

Click here for the Las Vegas review-Journal video highlighting the new stadium's innovative construction and design:

image: NFL

 

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