Raiders and Las Vegas Narrow $1.9 Billion Stadium Location To Two Sites
After much deliberation, the entities behind a prospective Las Vegas NFL stadium (would become the home venue of the Raiders and UNLV) have narrowed their options down to two potential locations. Both sites sit a little south of the Las Vegas Strip, with the preferred choice located just west of I-15, between Russell Rd. and Hacienda Ave. The backup plan calls for construction on the current Bali Hai Golf Club, on the east side of I-15, immediately south of the Mandalay Bay Resort & Casino.
The 65,000-seat dome stadium is currently slated at a cost of $1.9 billion, with $100 million of that sum involving the construction of a Raiders practice facility. The proposed private/public contribution breakdown goes as follows.
The Las Vegas Sands Corp. and Majestic Realty has pledged $650 million. The Raiders and NFL would contribute $500 million, with the final $750 million of funding coming from the state of Nevada. The state’s ante would be generated via a .88 percent raising of the hotel tax, which currently comes in at a rate of 12.9 percent.
The presentation includes site status, design, financial terms, benefits to the area and what is needed from a legislative perspective.
As is usually the case, the biggest and most controversial sticking point in this negotiation is the public’s contribution to the venture.
