What will it cost? Crunching the numbers on the Raiders' new stadium
LAS VEGAS (KSNV) —
We already have a good idea of how much the new Raiders stadium will cost: the estimate that has underpinned all of the planning has been about $1.9 billion.
At Thursday's meeting of the Stadium Authority, we're expecting the team and the builder to give us some hard, concrete numbers, letting us know what’s called the “guaranteed maximum price.”
Labor guy Tommy White sits on the Stadium Board. He's not expecting any surprises.
“Like I always say, we do these resorts here in Las Vegas, and we always come in under budget and we always come in on time,” White said.
Two years ago, lawmakers passed legislation that raised room taxes to help pay for the stadium.
Here's the good news for you, the taxpayer, who is shelling out $750 million: your bill won't go higher, even if the stadium cost does.
“Senate Bill 1 specifically says that any increase in the cost of construction or any increase in the cost of operations or any losses that are incurred are the responsibility of the developer and not the responsibility of the public,” said Jeremy Aguero, principal of Applied Analysis, which does work for the Stadium Authority.
The board will also get some other financial news.
In January, the latest month available, room tax revenue was $4.7 million, up 4% from budget, a change from the three previous months when room tax revenue fell.
For 2018 fiscal year-to-date, room tax revenue is in the black, up .08%.
At the site, the digging continues. It seems with each new day comes another crane.
“If you look at the site now you can basically see where the field is gonna lay,” White said.
As trucks and shovels head deeper, soon foundations will get poured. Amber beach works across the street.
“It's coming along pretty good. I mean, it's really fascinating to see all the construction and things going up right before your eyes,” Beach said.
When we were here in January, Polaris was still open to thru traffic. Now, Polaris is closed, taking with it amber's favorite lunch stop.
“I really liked the tacos on the food truck, and unfortunately they haven't been coming around,” she said.
We're guessing construction and a closed road have something to do with it. It’s just another barometer of how quickly this new neighbor is changing life in the neighborhood.
The stadium is scheduled to be finished the summer of 2020, in time for NFL opening day.