Las Vegas stadium backers want $750 million in public funds for Raiders project
Financial backers of a proposed NFL stadium in Las Vegas for the Oakland Raiders say they won't accept anything less than $750 million in public funds to get the project built.
Majestic Realty and the Las Vegas Sands casino company have their eyes on two proposal sites near the Las Vegas Strip, and told an oversight committee that if Nevada lawmakers don't meet their demands they will walk away from the project.
"Not to be difficult, but we're not negotiable," Sands President Rob Goldstein said. "If we can't get 750, we respectfully thank you but we're going to move on."
The money for the project would come from a hotel room tax and a special taxation district around the proposed stadium.
The Raiders filed three trademarks applications for the phrase "Las Vegas Raiders" with the United States Patent and Trademark Office last week, while Raiders owner Mark Davis has pledged $500 million towards building a new stadium in Las Vegas.
The NFL owners are set to meet in January concerning any team relocation and no franchise can move without the consent of a 3/4 vote by the league's owners.
Although the stadium would be publicly owned, private investors would still have to pay for any cost overruns. Proponents of the stadium also want the stadium to house UNLV's football team and a Major League Soccer franchise in the city.
"There's been a lot of conversation on why are we giving money to billionaires," said Steve Hill, chair of the oversight committee and head of the Nevada Governor's Office of Economic Development. "The public is not making a contribution to a privately owned stadium."
- Scooby Axson