The city of Las Vegas wants to build a new stadium for the Oakland Raiders, but they’re still trying to figure out how to fund it.
According to Sergio Avila of News 3 Las Vegas, a new stadium would require $750 million in public financing. One idea is to increase hotel taxes in the city. Another $750 million is set to come from private funding, with $500 million of it from the Raiders and Las Vegas Sands willing to commit $150 million. A current timeline has the stadium opening in 2020 if everything can be squared away on schedule.
There’s still plenty of work to do, however.
“We’re a little bit in the weeds right now talking about the numbers,” Las Vegas Mayor Carolyn Goodman admitted. “Can we afford an increase to the room tax so the tourists still keep coming here? Those are the dollars we’re talking about strictly for the stadium and the Raiders and this piece.”
Many tourists probably wouldn’t even notice a rate hike, and given how many people Las Vegas reels in, it could help make up the money.
Stadium financing appears to be one of the biggest hurdles for a Raiders move. The city and the team are both keen to make it happen, and there is a temporary home the Raiders can occupy for a few seasons. It sounds like owners are getting on board with the idea, and with both the Raiders and the city interested, this may actually happen.
H/T CBS Sports
