Consulting Group Pegs Cost Of Proposed UNLV Now Project At Just Under $900M
The "all-in costs" for the proposed UNLV Now stadium project are projected to be "just less than" $900M, including $700M for the venue itself, according to a consulting report by N.Y.-based Sterling Project Development cited by Alan Snel of the LAS VEGAS REVIEW-JOURNAL. The report warned the venue’s $700M budget "might not be enough" for what UNLV officials are calling a "Mega Events Center." The report stated it "would be reasonable to assume that the Mega Events Center (as now sized) may ultimately be completed" for an amount that is 10-20% higher than the "all-in budgeted amount" of $700M. Snel noted that would "push the cost of the stadium alone" from $770M to $840M. Among other details included in the report were that the stadium will be 1.15 million square feet "on a 12-acre footprint." The project will require "one and a half years of relocation work and 30 months for stadium construction." There are "expectations that 59 events each year would attract nearly 1.9 million attendees, generating gross annual revenue" of $97.4M, while operation and maintenance costs "forecast at about" 50% of event income. UNLV College of Hotel Administration Dean and UNLV Now project head Don Snyder has "avoided public discussion of the project’s cost" (LAS VEGAS REVIEW-JOURNAL, 4/1).