Panel votes unanimously to fund Las Vegas NFL stadium
The Southern Nevada Tourism Industry Committee has unanimously approved $750 million in public funding to construct an NFL stadium for the Raiders in Las Vegas, according to News3LV's Nathan O'Neal.
The plan needs to be approved by Nevada governor Brian Sandoval and the state's legislature. The venue is expected to cost about $1.9 billion. Casino mogul and Sands Corp. CEO Sheldon Adelson is expected pay $650 million for the stadium in addition to the Raiders' $500 million.
The public funding is expected to come from a new tourism tax. The panel also voted not to approve the Raiders' tax exemption request.
In order for the Raiders to move, the decision must be approved by a vote from the league's 32 owners. Three-quarters of the owners need to be in favor. Dallas Cowboys owner Jerry Jones has voiced his support for the idea. The vote could take place when the owners meet in January.