Las Vegas has always been about outrageous flashiness, whether it’s the biggest and best casino resorts or stage show entertainment. Obviously, that’s what keeps the tourists coming to Las Vegas and is the life blood for the city. And now, after a new bill signed by Nevada Governor Brian Sandoval, Las Vegas will get a football stadium that will be home to a National Football League team. Negotiations are close to completion for that team to be the Oakland Raiders.
Today, November 17, 2016, Nevada state legislators gave a resounding yes vote to the renovation and expansion of the Las Vegas Convention Center (LVCC). Also included on the vote was the development of a domed football stadium. The President and CEO of the Las Vegas Convention and Visitors Authority, Rossi Ralenkotter, said “Tourism is Nevada’s number one economic driver, employing nearly half of the people who call Southern Nevada home and this decision represents a once-in-a-lifetime opportunity for Southern Nevada. Our destination thrives on evolution and reinvention and we commend the bold decision by the Nevada Legislature and Governor Sandoval to approve these two monumental projects that position our destination to remain a leading tourism destination for decades to come.”
The LVCC expansion will add 600,000 square feet of new meeting space and is expected to cost $1.4 billion. The football stadium will seat 65,000 and will cost $1.9 billion. It will house the University of Nevada football team as well as a professional football franchise. Special events will also be held at the new stadium. The two projects will create an estimated 14,000 jobs and once completed will boost the local economy by $1.43 billion per year. New visitors to Las Vegas should increase by one million per year.
The new bill authorizes a separate 0.5 percentage point Clark County hotel room tax increase to help fund the $1.4 billion in improvements to the Las Vegas Convention Center. An additional .88 percentage point room tax increase will raise $750 million in public support for the development of the stadium. An additional $650 million will be contributed by Las Vegas Sands Corp. Chairman Sheldon Adelson. The Raiders football team will contribute $500 million to bring the total investment to $1.9 billion.
Mark Davis, Raiders team owner, has pledged to move the team to Las Vegas with the caveat that ¾’s of the NFL team owners (24 of 32) approve. Raiders officials have said that if the stadium deal passed, they would present a plan and announce their intentions to move to Las Vegas at next week’s NFL owners meeting in Houston. A vote on relocation could come at a January owners meeting, also in Houston.