An oversight committee has voted in favor of spending $750 million in public money to help pay for a Las Vegas NFL stadium.
The Southern Nevada Tourism Infrastructure Committee met today to make a decision on whether the plan should move forward on the $1.9 billion stadium.
The cost of the stadium will be split between Sheldon Adelson who will pay $650 million, the Raiders who will pay $500 million and the public which will pay $750 million through a new tourism tax. There is no percentage cap on the public contribution and stadium profits will go to the developers during the lifetime of the lease.
Governor Brian Sandoval is pleased with the vote.
“I would like to extend my sincere gratitude to the members of the Southern Nevada Tourism Infrastructure Committee and its Technical Advisory Council for their tireless efforts and dedication to completing the recently approved recommendations. I would especially like to thank Director Steve Hill for his leadership and perseverance in ensuring Nevada’s best interests were always the top priority in this process. I will begin my review of the Committee’s recommendations and will also begin discussions with legislative leadership, local stakeholders, and my cabinet to clarify any outstanding questions. I will not move forward until all questions have been resolved,” said Governor Brian Sandoval.
“More than one year ago, I signed an Executive Order bringing together many of the brightest minds in gaming and hospitality as well as community leaders in an effort to identify the untapped potential and unfulfilled demands in the Southern Nevada tourism industry. Nevada has served as the standard bearer for global tourism, gaming, and conventions for decades. In order to remain the top destination, we must explore potential opportunities and push forward to lead this international industry into the next generation of travel and tourism. I am hopeful the work completed by this committee will serve as a roadmap to Southern Nevada’s unrivaled and continued success.”
The committee also voted on establishing a seven-member stadium authority board and also voted against the Raiders request for an exemption from new or expanded industry-specific taxes.
The proposal still needs approval from the governor and legislature.