When the proposed new Las Vegas stadium for the Raiders was approved for $750 million, there were a lot of shocked people. That’s record public money for an NFL stadium. Well, according to the Raiders stadium resolution, that’s not the end of it.
Daniel Kaplan of the Sports Business Journal is reporting that the Raiders stadium resolution projects the stadium cost to actually be $1.7 billion as opposed to the $1.9 billion previously projected/reported.
The Raiders relocation resolution pegs the cost of the Vegas stadium at just under $1.7 bil. that's $200 mil less than widely reported— daniel kaplan (@dkaplanSBJ) March 26, 2017
Then again, after infrastructure costs, the total cost jumps back up to $1.9 billion. But here’s the kicker, that extra cost is being shouldered by public money, not Mark Davis or Bank of America.
And the resolution says there's another $200 mil of public funds 4 capital improvements at Vegas stadium, on top of the $750 mil. done deal— daniel kaplan (@dkaplanSBJ) March 26, 2017
That means the public money jumps up to close to a billion dollars, while the projected debt for the Raiders to Bank of America comes down.
That’s insane money coming from public funds. NFL owners see that kind of money coming from the public and they drool over the precedence it sets for future stadium demands of their own. And therefore you uncover the reason why the NFL owners are largely ignoring any potential issues with Las Vegas with the same vigor they are unwilling to forgive the imperfections in the Oakland plans.