A Las Vegas location could potentially be the site for a new NFL stadium.
What happened in Las Vegas on the NFL front
On Thursday, the Southern Nevada Tourism Infrastructure Committee recommended that three quarters of a billion dollars in public funds should be allocated toward a stadium.
Should the NFL permit the franchise to relocate, that stadium would become the new home of the Raiders.
Las Vegas Sands CEO Sheldon Adelson would finance a portion of the stadium’s cost, which is nearing $2 billion. A part of the stadium would also be paid for by the Raiders.
What’s next for the Vegas stadium?
The committee’s recommendation is a significant step forward for the stadium effort. However, it still requires the approval of the state legislature and Gov. Brian Sandoval.
Moreover, the NFL would still need to initiate action; a three-quarters majority approval from the league’s owners would be required for the move.
The approval of the stadium plan by government officials is far from certain. There are still numerous questions and concerns surrounding the project.
Adelson and Sands, for starters, have resisted the notion of giving back profits from the stadium to the public.
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Critics are questioning the appropriateness of using public funds for a project led by one of the world’s wealthiest individuals. They are also concerned that the bonds used for financing the project could potentially expose taxpayers to risks during an economic slump or if tax revenues fall short.
Proponents of the stadium negotiated vigorously with the committee, comprised of business leaders and elected officials. Sands declared it would withdraw from negotiations if the public contribution fell below $750 million. Additionally, the company sought to shield itself from any potential future taxes aimed at the team.
Las Vegas + the NFL + sports betting = ?
The prospect of positioning an NFL franchise in Las Vegas, the US gambling capital, presents one of the most intriguing aspects of the potential stadium.
The NFL has consistently maintained its stance against legal sports betting in the US, with some peculiar issues arising related to players attending charity events at casinos.
However, it seems that the league has moved past the notion that having an NFL franchise in a state that permits sports betting would spell disaster.
Nonetheless, if the Raiders move to Vegas, the NFL would probably request state gaming regulators not to permit betting on the team.
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