First look at details of new Raiders stadium in Las Vegas may answer questions

Updated August 15, 2017 - 10:55 am

The Las Vegas Stadium Authority will get its first look at the details of the financing of the 65,000-seat domed football stadium when it meets Thursday.

Clark County officials will later conduct a high-impact project hearing on the development.

The Clark County Commission, meeting as planning and zoning overseers, was to delve into details of parking, traffic, water, sewer, drainage and emergency services on Wednesday. However, county spokesman Erik Pappa issued a statement Monday afternoon saying that commission would instead examine the issue at its Sept. 6 meeting.

Nevertheless, on Thursday, the nine-member authority is expected to receive specifics on the four-pronged construction financing package.

The stadium has been billed as a $1.9 billion project that includes $750 million in public funding to support bonds paid off with a 0.88 percentage-point increase in a hotel room tax that ranges between 12.5 percent and 13.4 percent.

In addition to the public funding, the Raiders have three potential funding sources: personal seat licenses sold to season ticket holders, a loan from Bank of America and a National Football League stadium construction loan program.

The Raiders haven’t submitted materials to the authority in advance of Thursday’s meeting, so it’s unclear how much detail will be provided on dollar amounts.

The authority isn’t scheduled to act on the leasehold mortgage agreement this month and will likely take it up in September. But authority members are scheduled to receive a report on Bank of America’s ability to step in and assume the rights as the leasehold mortgagee should the Raiders fail to meet their loan commitments.

“It’s a general presentation on how the deal itself is going to be structured and how the public knows there is sufficient financial security to ensure that the Raiders can fulfill their obligations under the agreements as required by Senate Bill 1,” said Jeremy Aguero, a principal for Applied Analysis, the Las Vegas company serving as the authority’s staff. “That presentation and those findings are specifically required by the legislation.”

Included in the discussion will be direction from the authority board about what specific information it wants as part of a formal resolution when it votes on the financial package.

Thursday’s agenda also will include progress reports on drafting the personal seat license agreement, a non-relocation agreement and an overall status report on the project.

The authority also is expected to consider whether it wants an owner representative or compliance officer designated as the point person for stadium construction. The Las Vegas Convention and Visitors Authority has an owner representative designated for its $1.4 billion Las Vegas Convention Center expansion and renovation project.

New details about the stadium have emerged in documents filed with the county. Plans indicate the building would be 225 feet tall with 10 levels, not including a catwalk servicing lighting and equipment and a transparent roof.

Correction: This story has been updated with the correct date of the meeting of the Clark County Commission.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

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MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
LVCVA/Boring Company Press Conference
The Las Vegas Convention and Visitors Authority announced a collaboration with Elon Musk's The Boring Company to develop and operate an autonomous people mover system for the Las Vegas Convention Center District.
International Pizza Expo includes green and gluten free
The International Pizza Expo at Las Vegas Convention Center included companies focused on vegan and gluten free, and plant-based pizza boxes. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
International Pizza Expo kicks off in Las Vegas
The first day of the International Pizza Expo at Las Vegas Convention Center is everything Pizza. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
T-Mobile program aids guests with sensory needs
A program at T-Mobile Arena is designed to provide a more sensory friendly experience for guests.
Photo Booth Expo
Danielle May talks about how Simple Booth transformed her Volkswagen bus into a business.
Nevada Gaming Commission's highest fines
The highest fines assessed by the Nevada Gaming Commission, according to commission Chairman Tony Alamo: 1) Wynn Resorts Ltd., $20 million, 2019 2) CG Technology (then known as Cantor G&W Holdings), $5.5 million, 2014 3) The Mirage, $5 million ($3 million fine, $2 million compensatory payment), 2003 4) Stardust, $3 million, 1985 5) Santa Fe Station, $2.2 million ($1.5 million fine, $700,000 compensatory payment), 2005 6) Las Vegas Sands, $2 million, 2016 7) CG Technology, $1.75 million, 2018 8) CG Technology, $1.5 million (also $25,000 in escrow for underpaid patrons), 2016 9) Caesars Entertainment, $1.5 million, 2015 10) Imperial Palace, $1.5 million, 1989 11) Peppermill Casinos, $1 million, 2014
Tiny Pipe Home vs Shipping Crate
A Tiny pipe home was displayed at the International Builders Show this week in Las Vegas.
Auto repair shortage affects Las Vegas
The auto repair industry is facing a national shortage of workers.
Franchising industry booming
Experts say Las Vegas is a hotbed for the franchise industry.
Africa Love owner talks about his store in Las Vegas
Mara Diakhate, owner of Africa Love, gift and decor store, talks about his store in Las Vegas. (Bizuayehu Tesfaye/ Las Vegas Review-Journal) @bizutesfaye
Developer gets approval to build homes at Bonnie Springs
The Clark County Planning Commission has approved a plan to build 20 homes on the site of Bonnie Springs Ranch. (Michael Quine/Las Vegas Review-Journal)
Dig This opens new location In Las Vegas
Remember when you were a kid and played with construction toys in the sand box? Dig This Las Vegas has the same idea, except instead of toy bulldozers, you get to play with the real thing. (Mat Luschek/Review-Journal)
Town Square developer Jim Stuart building again in Las Vegas
Las Vegas’ real estate bubble took developers on a wild ride, something Jim Stuart knows all too well. (Las Vegas Review-Journal)
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