On Friday, Nevada legislators sanctioned a plan to allocate $750 million in public funds for a potential stadium in Las Vegas for the Oakland Raiders.
Senate Bill 1, the legislation, is set to raise hotel room taxes by 0.88 percent to generate necessary funds. Supporters argue that the main impact will be on tourists.
The proposal for a substantial public contribution was contentious, yet earlier in the week, it was sanctioned by senators with a vote of 16-5.
On Friday around noon, assembly members approved by a 28-13 vote after last-minute amendments related to the construction process were made.
Casino giants MGM Resorts, Wynn Resorts, and Las Vegas Sands are in support of the stadium. Sheldon Adelson is set to invest $650 million in the $1.9 billion facility and cover any cost overruns.
The NFL and the Raiders would contribute $500 million.
Developers of the stadium stated that they will not compromise on the public contribution of $750 million.
Vote delayed early Friday
A study from the Nevada Department of Transportation emerged in the midst of discussions that extended late into Thursday and resumed early on Friday. The study indicates that the stadium would hasten plans for freeway projects worth $900 million.
Even though the work was already scheduled and NDOT confirmed that no additional funding was required, it still caused a complication in the discussions.
Certain projects would need to be expedited by NDOT as the stadium might open in 2019.
In spite of the intense debates in Carson City, the bill has now been transferred to Governor Brian Sandoval for his signature. It is anticipated that he and Raiders owner Mark Davis will sign it jointly on Monday.
Raiders still need the approval to move
In January, NFL owners convene to determine if the Raiders can move to Clark County.
Steve Wynn reportedly expressed confidence to Silver State lawmakers this week that the NFL would approve the Raiders’ relocation. This would, however, require the consent of at least 24 out of the 32 owners.
Wynn stated that Jerry Jones, owner of the Dallas Cowboys, and Robert Kraft, head of the New England Patriots, personally expressed to him that the NFL is prepared to move forward if Nevada builds a stadium in Las Vegas.
During a mid-September event celebrating the new Minnesota Vikings stadium, NFL Commissioner Roger Goodell indicated his lack of enthusiasm over the Raiders’ relocation.
“He expressed his sentiment that it’s always sad to see a community lose their franchise, not just once but twice,” he stated. Yet, he didn’t voice any objection to the idea of a team in Las Vegas.
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