Image Credit: Graeme Maclean (CC BY 2.0)
The Oakland Raiders organization have just purchased 62 acres near Mandalay Bay Resort and the Las Vegas Strip for $77.5 million. The vacant land near Russell Road and I-15 will serve as the future site for Raiders’ home stadium which will be completed circa 2020 or 2021. The stadium’s construction costs are estimated to be just under $2 billion. The Las Vegas Stadium Authority Board also approved the Raiders’ lease for the stadium earlier this week. The other 31 NFL owners will also need to approve the lease during the league’s May meetings before construction on the stadium can finally begin; hopefully in January 2018.
The lease prohibits any gambling activities on the grounds of the stadium and will expire in 2049 while also giving the Raiders options for an additional 20 years. More than 40,000 personal seat licenses (PSL’s) have been sold thus far. A personal seat license will be required to purchase season tickets for the Las Vegas Raiders. The stadium’s capacity is estimated to be in the neighborhood of 65,000 seats. The bulk of the stadium’s construction costs will be paid for from a $750 million tax on Las Vegas hotel rooms. An additional $650 million loan from Bank of America will be contributed as well as a combined $500 million from both the Raiders organization and the National Football League. In short, Las Vegas residents and taxpayers will not be bearing the brunt of any construction costs.
Both the Los Angeles Chargers and Los Angeles Rams will be sharing a brand new stadium in Inglewood, California. Their stadium will open up right around the same time as the Raiders’ stadium in Las Vegas. Both stadiums will immediately become front-runners to host upcoming Super Bowls. Major League Baseball’s Oakland Athletics, co-tenants of the Oakland Raiders, are now scrambling to get a new ballpark constructed for the team. The Oakland Athletics organization and the city of Oakland are clearly showing signs of panic now that the Raiders have fled to Las Vegas.
Reference:
Related Articles
- The Oakland Raiders file paperwork for Relocation to Las Vegas, Nevada
- Goldman Sachs pulls out of Las Vegas Stadium Deal for Oakland Raiders
- Major League Baseball considering Las Vegas as a Potential Market for a Team
- The NHL reveals the name of their Las Vegas Expansion Team
- Allegiant Stadium Personal Seat Licenses Nearly Sold Out
- Las Vegas secures NHL Expansion Team
- Las Vegas Raiders Season Tickets Sold Out For 2020 Season
- T-Mobile secures Naming Rights for new Arena in Las Vegas, Nevada
