Las Vegas Stadium is the working name for a domed stadium planned to be built in Paradise, Nevada for the Las Vegas Raiders of the National Football League (NFL) and the UNLV Rebels football team from the University of Nevada, Las Vegas (UNLV). It will be located about 62 acres west of Mandalay Bay at Russell Road and Hacienda Avenue and between Polaris Avenue and Dean Martin Drive, just west of Interstate 15. Construction of the stadium is planned to begin in 2017 and be completed in time for the 2020 NFL season.
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History
2016
In January 2016, reports emerged that Las Vegas Sands was considering developing a stadium in conjunction with Majestic Realty and UNLV, on a 42-acre site owned by UNLV. Raiders owner Mark Davis visited Las Vegas on January 29 to tour the site and meet with Sands chairman Sheldon Adelson and other local figures. A relocation to Las Vegas would be a long-term proposal for the Raiders, as Sam Boyd Stadium is undersized for the NFL and there are no other professional-caliber stadiums in Nevada; the Raiders plan to remain in Oakland until the stadium is complete.
On March 21, 2016, when asked about Las Vegas, Davis said, "I think the Raiders like the Las Vegas plan," and "it's a very very very intriguing and exciting plan", referring to the stadium plan in Las Vegas. Davis also met with Nevada Governor Brian Sandoval about the stadium plan. On April 1, 2016, Davis toured Sam Boyd Stadium to evaluate whether UNLV could serve as a temporary home of the team and was with UNLV football coach Tony Sanchez, athletic director Tina Kunzer-Murphy, adviser Don Snyder and school president Len Jessup to further explore the possibility of the Raiders moving to Las Vegas.
On April 28, 2016, Davis said he wanted to move the Raiders to Las Vegas and pledged $500 million toward the construction of the proposed $2.4 billion domed stadium. "Together we can turn the Silver State into the silver and black state," Davis said.
In the spring of 2016, the board of directors of Las Vegas Sands rejected Adelson's stadium proposal. Adelson decided to move ahead with the stadium as an individual investment, pledging $650 million of his personal wealth to the project.
The viability of the Tropicana Avenue site was called into serious question in June 2016, when Southwest Airlines objected to the location because its proximity to the northern end of one of McCarran Airport's runways could have a negative impact on the safety and capacity of air traffic at the airport. The list of potential locations soon expanded to nine candidates, including the sites of the Wild Wild West casino, the Wynn golf course, the Riviera casino, the Las Vegas Festival Grounds, and Cashman Center. By September, the list was narrowed to two possibilities: the Bali Hai Golf Club, south of Mandalay Bay, and a vacant lot on Russell Road, just west of Interstate 15.
On August 25, 2016, the Raiders filed a trademark application for "Las Vegas Raiders" on the same day renderings of a proposed stadium design were released. On September 15, 2016, the Southern Nevada Tourism Infrastructure Committee unanimously voted to recommend and approve $750 million for the Las Vegas stadium plan.
Majestic Realty revealed in October 2016 that it had withdrawn from the stadium project.
Sandoval called a special session of the Nevada Legislature to consider the stadium and other tourism-related proposals in October 2016. The funding bill for the stadium was approved by a 16-5 vote in the Senate and by 28-13 in the Assembly, and was signed into law by Sandoval on October 17. The bill increased a hotel tax to provide the $750 million in funding.
2017
On January 19, 2017, the Raiders filed relocation papers to make the move from Oakland to Las Vegas. On January 26, 2017, the Raiders submitted a proposed lease agreement for the stadium. It was reported that the Raiders had selected the Russell Road site as the stadium location. Also that the team would pay one dollar in rent and that they could control the naming rights for both the stadium and plaza and in addition keep signage sponsorship revenue.
Days after the Raiders' announced proposal, Adelson dropped out of the stadium project, pulling his proposed $650 million contribution, and shortly after this announcement Goldman Sachs (one of the backers of stadium proposal) withdrew as well. ESPN reported on January 30, 2017, that the Raiders are expected to increase their contribution from $500 million to $1.15 billion.
On March 6, 2017, the Raiders revealed Bank of America would be replacing the Adelson portion of the funding.
On March 27, 2017, the NFL owners voted to approve the move by a near unanimous margin of 31 to 1. Only Stephen M. Ross, owner of the Miami Dolphins, voted against the relocation. The next day, the Raiders and the Las Vegas Stadium Authority began accepting deposits for season tickets for the new stadium.
On May 1, 2017, the Raiders closed the purchase of the land for the stadium at the Russell Road site. The purchase price was reported at 77.5 million dollars.
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Financing
The budget for development of the stadium is estimated at $1.9 billion. Of this, an estimated $375 million is to be spent on land and infrastructure costs, $1.35 billion on construction, and $100 million on a Raiders practice facility, with the remaining $100 million as a contingency allowance for unexpected costs.
The financing for the project is expected to come in the form of $750 million in public funding, $500 million from the Raiders, and $650 million lent by Bank of America. The public portion of the funding will come from municipal bonds issued by Clark County, backed by the proceeds of a special tax on hotel rooms in the Las Vegas area, which began being collected in March 2017. The Raiders' contribution is expected to include a $200 million loan from the NFL's stadium upgrade program, $250 million from sales of personal seat licenses at the stadium, and $50 million from cash reserves.
The government cannot receive any rent or revenue sharing from the stadium, because such an arrangement would not be compatible with the tax-exempt status of the bonds. Proponents instead argued that the public financing would be justified by increased economic activity and tax revenue related to the stadium. Critics have argued that the economic projections were based on overly optimistic assumptions.
Design
For the Las Vegas stadium, Mark Davis retained the same architecture firm MANICA Architecture that had designed the previous proposed Carson Stadium in Los Angeles because he liked the design of the stadium for Carson. The stadium as proposed is a domed stadium with a clear roof and silver and black exterior and large retractable curtain-like side windows facing the Las Vegas Strip. There is a large torch in one end that would house a flame in honor of the late long time Raider owner Al Davis.
Updated renderings released after the relocation vote passed show the stadium with a roll-in natural grass field similar to the one at University of Phoenix Stadium in Glendale, Arizona.
Tenants and events
The stadium will replace Sam Boyd Stadium and will serve as the home of both the Raiders and the UNLV Rebels football program. In addition, it will host various events now held at Sam Boyd, such as the Las Vegas Bowl.
Stadium backers project 20 to 25 additional events per year, with plausible possibilities including the Super Bowl, the Pro Bowl, the NFL Draft, the NCAA Final Four, the USA Sevens rugby tournament, the Monster Jam World Finals, boxing matches, Ultimate Fighting Championship events, neutral-site college football games, international soccer matches, concerts, and corporate shows.
The stadium has also been cited as the possible home for a Major League Soccer expansion team owned by David Beckham.
Source of the article : Wikipedia
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