Top Menu

Final Tab Due on New Las Vegas Raiders Stadium

New Las Vegas Stadium

A big deadline is approaching, as Oakland team officials will be meeting with construction reps to determine a final price for the new Las Vegas Raiders stadium.

This number is important. Currently the tally for the new Las Vegas Raiders stadium is $1.9 million — a number used for several years — and with the need for a final stadium development agreement between the Raiders and Las Vegas Stadium Authority, the tally will guide the Raiders on their financing part of the equation. The contribution from the state via the Las Vegas Stadium Authority is topped at $750 million, so the Raiders are responsible for all costs overruns. From the Las Vegas Review-Journal:

Determining the price Minneapolis-based Mortenson Construction Co. will charge the Raiders to build the 65,000-seat domed stadium, estimated at $1.9 billion, is a critical step toward finalizing a stadium development agreement between the Raiders and the Las Vegas Stadium Authority….

If the actual price turns out to be higher, the Raiders would be responsible for paying the extra amount. That is because Senate Bill 1, approved in a special session of the Nevada Legislature in October 2016, locks the public contribution to the project at $750 million, which will be raised to pay down bonds through a 0.88-percentage-point increase in a tax on Southern Nevada hotel and motel rooms.

Don Webb, chief operating officer of the Raiders’ stadium company subsidiary, is expected to review every line item of the construction budget to determine the guaranteed maximum price, which will become a part of the final development agreement document. That document will be considered for approval by the authority on March 1.

There’s a lot at stake regarding this final number. If it’s too high, the Raiders and its development team will undoubtedly enter a phase of value engineering to bring down costs. The trick will be bringing down costs without impacting the promised fan experience. The new stadium, set to open in 2020, is already eagerly awaited as a venue that can provide comfort for fans in the desert.

Rendering courtesy MANICA Architecture. 

RELATED STORIES: New Development Envisioned Around Las Vegas StadiumUNLV, Raiders Closer to Finalizing Joint Use AgreementBest of 2017, #2: Oakland Raiders Approved for Las Vegas MoveDetails Emerging on Las Vegas Stadium AgreementRaiders, UNLV Making Progress on Las Vegas Stadium AgreementRep. Pushes for Tax-Exempt Bonds for Las Vegas StadiumOakland Raiders Increasing Las Vegas PresenceRaiders Break Ground on New Las Vegas StadiumLas Vegas Stadium Authority to Meet on ThursdayNew Las Vegas Stadium Could Be Affected by Tax Reform BillLas Vegas Stadium Groundbreaking Slated for NovemberFAA, Clark County Allow Oakland Raiders’ Las Vegas Stadium Construction to Move ForwardReview Could Delay Raiders’ Las Vegas Stadium ConstructionLas Vegas Stadium Financing Details to be Discussed on ThursdayUNLV Hires Law Firm as Negotiations with Raiders ContinueProposal: Raiders Could Use UNLV Land for ParkingFirm Cost of Las Vegas Stadium Remains UncertainRaiders, UNLV Discussing Agreement for Las Vegas StadiumStudy: Las Vegas Stadium Falls Short on Parking RequirementNFL Signs Off on Raiders’ Las Vegas Stadium LeaseRaiders Wrap up Lease Discussions with Stadium AuthorityTimeline: Work on Raiders Las Vegas Stadium to Finish in 2020Oakland Raiders Close Purchase of Las Vegas Stadium SiteOakland Raiders’ Lease in Las Vegas a Work in ProgressRaiders’ Las Vegas Stadium Still Slated for 2020 OpeningTax Hike for Raiders Las Vegas Stadium Closes First MonthColiseum Lease Under Review; Raiders Seek Stadium SiteNFL Approves Oakland Raiders Move to Las Vegas

, , ,

August Publications