(Las Vegas) The Athletics’ move to southern Nevada is expected to take a big step forward Thursday when 30-year lease, non-relocation and development documents are expected to be approved by the Las Vegas Stadium Authority. , after an increase in the estimated cost of the stadium from 250 million US dollars to 1.75 billion US dollars.
These agreements could be the last major hurdles before construction can begin in the spring. A stadium on Las Vegas’ main thoroughfare is set to open for the start of the 2028 season with under-seat cooling planned.
Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, maintained for several months that these elements would be approved and did not change his mind this week. A backup meeting is scheduled for Dec. 12, in case approval is not finalized by Thursday. Hill, however, indicated that he was considering canceling this second meeting.
“Obviously, our board still has the opportunity to review everything and ask questions,” Hill said. We reviewed drafts of all outstanding documents multiple times and over an extended period of time. So I think the questions have been answered and we are ready to approve. »
Nevada and Clark County are providing $380 million in state funds for a 30,000-seat domed stadium with an estimated capacity of 33,000. State funding will not begin until the Athletics have spent at least $100 million. Club manager Sandy Dean said this week that the organization had already invested $40 million.
Dean also pointed out that team owner John Fisher increased his family’s previous pledge of money from 100 million to 1.1 billion. Dean said that US Bank and Goldman Sachs will offer a loan of 300 million. Fisher still hopes to attract investors from Las Vegas and elsewhere who would buy a stake in the team, according to Dean.
The cost of building the stadium increased due to inflation and design changes that added 70,000 square feet.
“Adding equipment for fans and players, investing in stadium acoustics for concerts and ensuring maximum comfort for fans, with cooling under the seats, have been part of rewarding of the design process,” Dean wrote in an email.
Four letters will be presented to show that financing is in place to build the stadium, even if Fisher doesn’t attract investors.
There are other issues that need to be resolved before the stadium is finalized, including a development agreement with the county. But if the Stadium Authority approves the documents, the groundbreaking will likely be the next notable event.
The Athletics will play at least the next three seasons in a minor league stadium in West Sacramento, California. They most recently played their last 57 seasons in Oakland, California.
“It’s rewarding, but it’s important for Las Vegas,” Hill said. It is important to ensure that these types of agreements are reached. The sports world, at least, is watching. There’s been a lot of speculation and discussion about it, but bringing Major League Baseball, the Athletics and such a big stadium like this to Las Vegas is just a great thing. Cities don’t often have the opportunity to do this. »
