Draft Of Joint-Use Agreement At Raiders' Las Vegas Stadium Looks Favorable For UNLV
A draft of the Raiders' joint-use agreement with UNLV for the team's Las Vegas stadium shows that the school will "retain significant control of major revenues on the days its football program uses" the new venue, according to Adam Candee of the LAS VEGAS SUN. The terms "represent a significant improvement for UNLV from those initially proposed by the Raiders in July, although the amount of rent the university will pay remains nebulous at best." University regents will "review that draft at a special meeting Jan. 4 and then consider approval at another special meeting Jan. 19." Per the draft agreement, UNLV "would be able to sell" as many as 70% of the anticipated 100 luxury suites for its six annual home games in the $1.8B stadium. The school would "keep money from those sales, as well as club level and non-premium seat revenues as well." There would be 22 "'owner’s level' suites and eight other designated suites" off limits. UNLV "maintains control of its parking destiny as well, a notable change from the deal first proposed by the Raiders." The school can "use any off-site parking sites obtained or leased by the Raiders, but the Raiders would keep revenue from those areas." The rent payment to the Raiders will be "determined on an annual basis and will consist of only actual operational costs of using the 65,000-seat facility" (LAS VEGAS SUN, 12/29). In Las Vegas, Richard Velotta notes UNLV has the "right to sell temporary advertising and sponsorships at all stadium locations, including field boards, banners and audio-visual signage for display during UNLV events and to collect all revenue." Permanent signage will be "installed at each of the building entrances indicating that the stadium is the home of UNLV football." The Raiders will "control all concessions at the stadium, but net concession revenue from UNLV events will belong to UNLV" (LAS VEGAS REVIEW-JOURNAL, 12/29).