On Oct. 11, 2016, Nevada senators approved Senate Bill 1 on a vote of 16-5. The bill, if it passes in the Assembly, would raise room taxes in Clark County in order to fund a stadium and convention center improvements in Las Vegas.
Director of the Governor’s Office of Economic Development Steve Hill said the Stadium Authority Board will continue to work with the Raiders to build a a football stadium in Las Vegas to be shared between UNLV and the Oakland Raiders.
As the Review-Journal previously reported, the Oakland Raiders’ deal with New York-based Goldman Sachs to finance a $1.9 billion stadium in Las Vegas is in jeopardy because the agreement was contingent on a $650 million investment from Sheldon Adelson, who withdrew from the partnership Monday.
“Mr. Adelson and his family have decided to withdraw their participation in the project, and subsequently Goldman Sachs has withdrawn their willingness to fund the stadium and the Raiders’ portion of that funding,” Hill said. “I’ve talked to the Raiders a number of times over the last week, and they are confident that they can secure the funding necessary to move this project forward.”
Speaking at the Las Vegas Global Economic Alliance’s third annual State of Economic Development Wednesday Hill said he is grateful for the Adelson family’s time and effort they put in to bringing an NFL team to Las Vegas and the economic impact of such a stadium still presents a “real opportunity” for the state.