Nevada Gov. Brian Sandoval says he’ll call a special session of the state legislature to address several topics, including $750 million in funding for a new Las Vegas stadium to house the Oakland Raiders and possibly the UNLV football program.
The state would fund part of the construction cost of the new facility over 33 years. The remainder of the funds would come from Las Vegas Sands Corp. Chairman Sheldon Adelson (at least $650 million), Majestic Realty and the Raiders ($500 million). The final price tag for the new stadium has not yet been determined, but figures of $2 billion have been tossed around.
The state funding would come from a 0.88 percentage point increase in Clark County’s room tax along the main casino corridor and 0.5 percentage points in outlying areas. Another 0.5 percentage point increase would fund an expansion of the Las Vegas Convention Center, as the Southern Nevada Tourism Infrastructure Committee recommended both projects for approval. From the Las Vegas Review-Journal:
The special session would begin “no earlier than Friday, Oct. 7 and no later than Thursday, Oct. 13, pending conversations with legislative leadership,” Sandoval said.
Any tax increase would require a two-thirds vote for passage — 14 votes in the Senate and 28 in the Assembly.
“I am convinced that, given the circumstances and timing with regard to public safety, the convention center, and the NFL, there is an opportunity to significantly improve the tourism infrastructure of Southern Nevada — already the best in the world,” Sandoval said.
“Based on the current environment, I believe a special session of the Legislature is warranted and should be called as soon as can be practicably accomplished,” he said.
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