Las Vegas Raiders stadium could open in 2020
LAS VEGAS(KSNV News3LV) —
A Raiders move to Las Vegas is a complex equation of numbers crunching and finding the perfect fit for something Las Vegas has never seen.
"We're a little bit in the weeds right now talking about the numbers," said Mayor Carolyn Goodman.
Goodman agrees negotiations have just started.
During Thursday's morning meeting of tourism experts, Raiders owner Mark Davis appeared only in a video hyping the idea of Raider nation in Las Vegas.
"Our goal is to build a local fan base and building the pride in the community with the Raiders and the community," Davis said in the video.
Currently, $750 million in public money is needed. The idea is to use the money generated from an increase in hotel room tax.
Goodman says they have to weigh the possibility of that being a good option for our tourism-based economy.
"Can we afford an increase to the room tax so the tourists still keep coming here. Those are the dollars we're talking about strictly for the stadium and the Raiders and this piece," she said.
Andy Abboud, vice president of Las Vegas Sands, said they'll pony up as much cash as possible but they're looking for a partnership.
Currently, the Raiders are expected to spend $500 million while Sands wants to add $150 million.
"I don't want to sit here today and tell you we have endless money, we don't. At some point, we just can't do it," said Abboud.
The stadium is expected to bring in $870 million in new spending to Clark County from 46 estimated events to be held there.
For Clark County Commissioner Steve Sisolak, one statistic stuck out.
"When I see 8,000 new jobs, that catches my attention," said Sisolak.
Many of the numbers are merely estimates, many more discussions are needed to determine the exact figures.
The next big milestone for the project would be to nail down the increase in hotel room tax needed to fund it. In a timeline shared Thursday, that is expected to happen in August.
If all goes according to plan, that same timeline estimates the stadium could open its doors by summer 2020.