Two "potential snags" in the development of a 65,000-seat, $1.9B domed football stadium in Las Vegas came to light Thursday even as the committee studying the plan "moved closer to making a recommendation" to Nevada Gov. Brian Sandoval, according to a front-page piece by Richard Velotta of the LAS VEGAS REVIEW-JOURNAL. Both the 11-member Southern Nevada Tourism Infrastructure Committee and the developers of the proposed Las Vegas stadium "agreed to meet Sept. 15 to discuss unresolved issues." They are asking for $750M in room-tax revenue to "help finance the project." The committee is "prepared to go along with a 0.88 percentage-point increase in Clark County’s room tax to finance general obligation bonds over 33 years." One "potential hang-up: a new provision that proposed public funding 'to the construction and development cost of the NFL stadium project shall not exceed 39 percent of the total cost of the stadium project.'" The developers "objected to a maximum public contribution percentage." SNTIC members also said that they "wanted a provision written into the legislation that would assure the public some return on investment if the stadium is a success." The developers "rejected the idea, saying they would have a bigger risk in the deal by pledging to pay for any construction cost overruns." The developers said that those two provisions "would be deal killers." Stadium backers are "trying to expedite the drafting of proposed legislation so Sandoval can call a special session of the Nevada Legislature to consider the plan" (LAS VEGAS REVIEW-JOURNAL, 9/9). In Las Vegas, Jackie Valley notes it was "clear during Thursday’s meeting that divides remain." Las Vegas Sands President & COO Rob Goldstein: "I know we’ve been portrayed as difficult. We’ve tried to present that we are putting private dollars in a public stadium. At the end of the day, we bear the risk. ... What’s a little unfair is the perception somehow that we’re getting a great deal" (LAS VEGAS SUN, 9/9).
X MARKS THE SPOT: In Oakland, Daniel Mano notes Raiders Owner Mark Davis met with Las Vegas Sands Chair & CEO Sheldon Adelson and more than a dozen other people Wednesday in Las Vegas to "discuss the deal on the proposed stadium site." Davis, Adelson and the others "talked for three hours at the Clark County building" (EAST BAY TIMES, 9/9). YAHOO FINANCE's Daniel Roberts conducted a Q&A with Adelson on his plan to build the new stadium. Adelson: "I know (Patriots Owner Robert) Kraft and I got interested in football. But I’m not like a real football fan. This is not something that I have to do. I’m doing it because we see there could be some advantages to the whole community -- not necessarily on the NFL side, because it’s very difficult for us to make any money from the stadium just with the NFL team. The only opportunity for us to make money is from activities other than football. We could package our rooms with prime seats in the stadium for concerts, for mixed martial arts, for boxing, for college football, for major league soccer." He added, "The part of the year that is slow, profit-wise, in Las Vegas, is the summer, and November to December. We have an opportunity to improve that (with the stadium). Adelson: "It’s a community effort to benefit the community. It’s going to have very little benefit for Sheldon Adelson" (FINANCE.YAHOO.com, 9/8).
LONG ROAD AHEAD: In Las Vegas, Ed Graney writes it "would be a smoother journey to secure enough votes from NFL owners to approve relocating the Raiders to Las Vegas than it will be convincing two-thirds of the Legislature to support the stadium deal" (LAS VEGAS REVIEW-JOURNAL, 9/9). In Oakland, Mark Purdy notes the entire football season "will be filled with Raider speculation." Purdy: "You’d be naive to think Raiders players themselves can totally ignore it. But that, apparently, is the mission." Raiders coach Jack Del Rio said, “There’s nothing to talk about at this point" (EAST BAY TIMES, 9/9).
