An NFL stadium could be coming to Las Vegas.
What happened in Las Vegas on the NFL front
The Southern Nevada Tourism Infrastructure Committee made a recommendation that three quarters of a billion dollars in public money be put toward a stadium on Thursday.
That stadium would be the new home of the Raiders, should the NFL allow the franchise to move.
Some of the stadium’s cost would be financed by Las Vegas Sands CEO Sheldon Adelson, with the total cost approaching $2 billion. The Raiders would pay for a portion of the stadium as well.
What’s next for the Vegas stadium?
The recommendation from the committee is a major milestone for the stadium effort. But it still needs to be approved by the state legislature and Gov. Brian Sandoval.
In addition to that, NFL would still need to take action; the league’s owners would have to approve the move by a three-quarters majority.
It’s far from a guarantee that the stadium plan is rubber-stamped by government officials. There are still lots of questions and concerns about the project.
For one, Adelson and Sands have balked at the idea of returning profits to the public from the stadium.
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Opponents question whether it’s appropriate to put public dollars toward a project spearheaded by one of the richest men in the world. They also wonder whether the bonds used to finance the project will put taxpayers at risk in an economic downturn or if tax revenue underperforms.
Stadium proponents drove a hard bargain with the committee, which included business leaders and elected officials. Sands said it would walk away from negotiations if the public put in less than $750 million, and the company fought to protect itself from any future taxes targeting the team.
Las Vegas + the NFL + sports betting = ?
One of the most interesting parts of the potential Las Vegas stadium is the idea that an NFL franchise would be placed in the capital of gambling for the US.
However, the league has apparently gotten over the idea that an NFL franchise in a state that allows sports wagering would be the end of the world.
Still, the NFL would likely ask state gaming regulators not to allow bets to be placed on the Raiders if it moves to Vegas.
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