Las Vegas is not ready for the Oakland Raiders, nor does it have an NFL Stadium plan. And by “Las Vegas,” this Zennie62 video-blogger means Clark County, Nevada, and the people in charge of leading the effort to draw the Silver and Black away from Oakland.
1. The Las Vegas Stadium Authority is still, as of this writing, in formation. In fact, it’s still so new, it hasn’t even picked out a law firm to represent it, and just installed its newest board member on January 12th.
2. There’s no developer. The initial Las Vegas Sands / Oakland Raiders partnership included Majestic Realty as a third partner – and they were to add a $150 million investment. But on September 13th of 2016, Majestic announced it was leaving the deal, saying that Mr. Adelson wanted to pay for the remainder of the stadium cost himself as a “legacy project.”
3. There’s no Oakland Raiders Owner Mark Davis deal with Mr. Adelson and Las Vegas Sands. To date, what was expected by some to be smooth sailing to a deal after the Nevada Legislature was strong-armed by Adelson’s deputies (some would say bullied) into passing the controversial $750 million subsidy (with a very tight and unheard of 1.5-to-1 debt coverage ratio), has been anything but. Adelson went public, saying that he could walk away from a plan with Davis if he didn’t get what he wanted. Davis, in turn, let the media float an alternative plan that would remove Adelson and his $800 million investment ($650 million plus the $150 millon gap left when Majestic backed out), in place Davis’ questionable claim that Goldman Sachs would finance the monetary hole left in Adelson’s wake, but implying that the investment banking firm would be the investor replacing Adelson. (Questionable because Goldman Sachs does not invest it’s own money in stadiums – just provides financing based on expected cash flows from identified stadium development-related sources.)
4. There’s no named and identified replacement investor for Sheldon Adelson, even with claims that one exists out there, somewhere, no real name or organization has been identified.
5. There’s no deal agreement with the alternative investor to Sheldon Adelson.
6. Because of 3, 4, and 5, there’s no proposed term sheet.
7. Because of 3, 4, and 5, there’s no stadium lease agreement.
8. Because of 3, 4, and 5, the NFL has not weighed in with its opinion.
9. There’s no stadium land deal in place. The Review-Journal explains what many have known for months: that, to quote “64 acres on four parcels bordered by Russell Road, Hacienda Avenue, Polaris Avenue and Dean Martin Drive. It’s just west of Interstate 15 and the Mandalay Bay resort. The Raiders reportedly have an option to buy the unoccupied land.”
10. According to the Nevada legislation enabling the Las Vegas Stadium Authority, once the land is selected, the stadium authority still has to vote to approve it. Moreover, there are other competing ideas for the placement of the stadium, including the reported “67 acres between Las Vegas Boulevard and I-15, just north of Blue Diamond Road” according to the Review-Journal, and the Cashman Site near Downtown Las Vegas, which Las Vegas Mayor Goodman has long favored.
11. Who pays for the $1 billion stadium transportation infrastructure plan that was released by the Nevada Department of Transportation on October 4th of 2016?
12. Once the Las Vegas Stadium Authority get to the point of approving a deal, if one ever comes to fruition, The Clark County Board Of Commissioners still has to approve the permits and possible needed zoning changes to build the stadium at whatever site is selected. The stadium authority’s legislation does not give it power to totally circumvent Clark County’s Board. In development matters – the authority’s primary role is that of a fiscal agent for the stadium bond issue.
13. Who pays for the $550 million relocation fee from Oakland to Las Vegas? Even at ten years, it still comes to $55 million annually, more than The Oakland Raiders have been able to afford in past years..
14. Where does UNLV fit in the Raiders stadium agreement plan? Will the Raiders agree in writing to let UNLV use the stadium rent free, perhaps as a tax-write-off? Will that amount be enough to offset the stadium operating costs for UNLV games the Raiders would eat?
Those are the primary issues outstanding that put Las Vegas, in total, light years behind where Oakland is. via IFTTT