The committee making recommendations to Gov. Brian Sandoval and the Nevada Legislature on attracting events to the new Las Vegas stadium is leaning toward expanding the role of the Las Vegas Convention and Visitors Authority and Las Vegas Events, rather than forming of a new sports commission.
Board members cruised through a lengthy agenda, but had little to show for it in the end, except that everything still appears to be on track for completion of a final stadium development agreement in February.
The House had sought to eliminate the tax exemption for bonds used to build professional sports stadiums, but the provision was removed during the GOP leadership’s conference negotiations.
Rep. Dina Titus has sent a letter to congressional leaders urging a conference committee to add language that would exempt two major Las Vegas projects from a bill that would ban the use of tax-exempt bonds for stadiums used by professional sports teams.
When the Las Vegas Stadium Authority board begins reviewing the terms of a proposed lease agreement with the Oakland Raiders on Thursday, they‘ll want to pay close attention to the “Expected Facility Standard.”
Oakland Raiders executives have told the NFL that Goldman Sachs is committed to financing the team’s proposed domed stadium in Las Vegas with or without an investment from casino executive Sheldon Adelson, the Las Vegas Stadium Authority board learned Thursday.
Gov. Sandoval also names banker, MGM official to the new nine-member body established to oversee construction of a proposed $1.9 billion domed football stadium in Las Vegas.
When Clark County commissioners convene for their Nov. 15 meeting, they’ll have the option of codifying two hotel room tax increases to fund the upgrade of the Las Vegas Convention Center and the construction of a domed stadium in one fell swoop. But if Commissioner Chris Giunchigliani has her way, commissioners will take their time before raising the tax to finance $750 million in bonds for the $1.9 billion stadium project.
