Raiders stadium deal passes Legislature, Sandoval to sign on Monday
The deal to fund a $750 million football stadium in Las Vegas to attract the Oakland Raiders is in the books after passing the Nevada Legislature on Friday.
The stadium is the brainchild of Las Vegas Sands Corp. CEO Sheldon Adelson, who as part of the package would contribute $650 million. The Raiders would also give $500 million for the proposed 65,000 seat, $1.9 billion arena in downtown Las Vegas.
The $750 million is the largest public contribution to a stadium in history. It would be funded via a 0.88 percent increase in the room tax while another $400 million was also approved via a 0.5 percent increase in the room tax for a $1.4 billion expansion and renovation of the Las Vegas Convention Center. The funding would be bonded out over a 30-year period.
“It is truly exciting to see our gaming industry, labor unions, and small businesses come together with broad support for these important projects,” said Republican Gov. Brian Sandoval in a statement. “Nevada has a past unlike any other state, but it is the ability to write a new narrative and redefine our state’s image that makes us so unique and so capable of innovating once again through the new Nevada.”
Read more: http://www.rgj.com/story/news/politics/2016/10/13/live-coverage-day-3-special-session-raiders-stadium/91990630/