The owner of the Sands Hotel in Las Vegas is currently in discussions for developing a new Oakland Raiders stadium at the cost of $1.2 billion. The new 65,000-seat stadium, set to be constructed close to the famous Strip, would be co-developed with City of Industry, the California-based Majestic Realty Co. Although no exact date of completion has been disclosed, the scheduled timeline is 2020.
It was confirmed that the Chairman of the Sands Corp., Sheldon Adelson, offered strong support for the development of a new stadium in recent talks. Although a new state-of-the-art facility would be used for football and other major sporting events, entertainment events, and could also be the home for the Las Vegas Rebels, its primary focus is to grow the city’s tourism economy.
According to the presentation, the $420 million for construction of the domed stadium would come from private investors. An additional $780 million would be sought by developers in the form of public financing.
In anticipation of building a new Raiders stadium, 42 vacant acres close to the university were acquired by the Board of Regents of the University of the Nevada System of Higher Education, on behalf of the University of Nevada, Las Vegas, for $50 million. When they purchased the land on December 24, 2015, the university expressed a desire to build a stadium while working in conjunction with various city gaming, tourism, and resort groups.
As the lease for the Oakland Coliseum nears expiration, the Raiders are looking for a new place to call home. Although the team’s application to the NFL for returning to Los Angeles was made, the Rams were chosen instead. As such, the Rams will move this year from St. Louis, Missouri to LA. Until a new stadium is developed in Inglewood, the team will play at the Los Angeles Memorial Coliseum.
Throughout the 2016 season, the Chargers will play in San Diego, while trying to finalize a deal on a new stadium within the city. Although the Chargers were given the option of relocating to north LA, the team wants to share the Inglewood facility with the Rams. To do so, an agreement must be negotiated by the end of the year.
If the Chargers do stay in San Diego, the Raiders might move back to Los Angeles. Due go
legalized sports betting, in order for Las Vegas to own a franchise, the city must get past some controversy involving owners of NFL teams and other professional sports teams. However, the many supporters of a new Raiders stadium express that compared to other forms of entertainment, excluding gambling, Las Vegas derives far more revenue for sports.
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