Mark Davis’ plan to move the Raiders from Oakland to Las Vegas is now one step closer to reality after a Nevada oversight committee approved a recommendation for $750 million in public funding for an NFL stadium. The money would come from a raising of hotel tax in the Las Vegas area.
“I think everybody wins in this,” Davis, the Raiders owner, told the Las Vegas Review Journal. “We’re just really excited.”
The stadium is predicted to cost a total of $1.9 billion and seat 65,000. The bill for the massive piece of infrastructure would come from a combination of this now-approved public funding, plus $500 million from the Raiders and $650 million from Sheldon Adelson – a billionaire casino mogul and founder of Las Vegas Sands Corp.
“We get an NFL team, and that is a significant step forward for Las Vegas and the community,” Southern Nevada Tourism Infrastructure Committee Chairman Steve Hill told the NFL. “Those teams bring the community together. We’re going to have people wearing Raiders jerseys and high-fiving each other … That’s not something you can put a number on.”
For the deal to continue, proponents have to win over the Nevada governor and legislature, and 3/4 of NFL owners have to vote to allow the move. The legislature will take up the issue this fall and, if the plan passes, the NFL vote is likely to take place in January.
A move to Vegas would require approval from 24 NFL team owners, a threshold that could be tricky due to Nevada’s legal sports betting landscape. However, even if a move to Las Vegas happens, the NFL still could attempt to prevent the state’s sportsbooks from taking bets on Raiders games.
A site has yet to be determined for the proposed stadium.
This is not the first time Davis has put forth an effort to move the franchise, which generated the lowest revenue of any NFL team in 2015, according to Forbes. When his attempt to put the Raiders in Los Angeles failed, he set his sights on Vegas and proposed a stadium plan that would share the facility with the University of Nevada, Las Vegas.
Featured photo credit: The Mercury News.
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