Last night, a Las Vegas oversight committee was told by Sands president Rob Goldstein, speaking on behalf of billionaire casino mogul Sheldon Adelson and his family, that if his group doesn't get $750 million in public money, all bets are off for construction of a new sports stadium to house the Raiders.
The list of possible sites has been narrowed down to two and the Southern Nevada Tourism Infrastructure Committee released a report Thursday with renderings and cost and funding estimates.
Construction is estimated to cost $1.9 billion, and 39-percent of the total cost is expected to come from "public investment." The proposed funding arrangement includes $750 million in public money. Private investment from the Las Vegas Sands will cover another $650 million, leaving the Raiders and the NFL to pick up $500 million. Under the proposal, the $750 million in bonds will be paid back by an increased hotel tax.
The 65,000-seat domed stadium proposal says the City of Las Vegas can expect to earn $100 million in "annual exposure value" if the Raiders move there.
Not everyone is Vegas thinks taxpayers should pick up the $750 million tab, though. In fact, a Las Vegas ABC station KTNV poll showed 55 percent of Clark County residents polled oppose spending half a billion in public money for the new facility.
Nonetheless, August 20 the Raiders optimistically filed three trademark applications for the phrase "Las Vegas Raiders".
If the financing plan is approved by Nevada lawmakers in a fall special session, the Raiders expect to present the proposal and a relocation request to the NFL in January.
The proposed structure was designed by MANICA Architecture of Kansas City. MANICA has designed arenas, stadiums and convention centers worldwide.