Raiders to Las Vegas: Economic analysts believe NFL gamble will pay off for region
LAS VEGAS (KSNV News3LV) —
Las Vegas Raiders fans celebrated Monday afternoon under the iconic Welcome to Fabulous Las Vegas sign.
It could be a hint of what's to come.
There is no doubt the Raiders coming to Las Vegas has the potential to have a major economic and social impact on Southern Nevada.
"There's been criticism that stadium investments don't have a very good return rate, and I get it when you're talking about places like Des Moines and Albuquerque, but the other side is Las Vegas is unique," said Jeremy Aguero of Applied Analysis.
Las Vegas as one of the world’s top tourist destinations works in its favor with the $1.9 billion stadium that will be home to the Raiders and UNLV football.
“This deal works for our community because it leverages our tourism-based economy and frankly, there's almost nowhere else in the United States that could do the same,” he said.
The Raiders and a stadium mean new visitors and new jobs, according to UNLV economics professor Stephen Miller.
“It's big construction project,” he said. They're looking at 19,000 jobs. That'll boost the economy in the short term, for sure.
RELATED LINK | It's official: the Raiders are moving to Las Vegas
When it comes long-term benefits, Aguero points to tax revenue.
“Fund everything from parks to schools to roadways,” he said.
Miller says there is a positive mental impact on the move for Las Vegas.
“Bringing the Raiders here will probably boost how we feel about ourselves,” he said.
On a more practical side, don’t expect property value to be significantly affected. Aguero and Miller say it takes bigger factors such as population change to move the market.
Rossi Ralenkotter, the president and CEO of the Las Vegas Convention and Visitors Authority, issued the following statement:
"Today’s 31-1 decision at the NFL owners meeting for the Raiders’ potential move to Las Vegas is a true vote-of-confidence in our destination. Their enthusiasm is only surpassed by the excitement that is echoing throughout the Las Vegas community. It has always been a question of when, not if, Las Vegas would become a major league city. The destination is now home to the NHL’s Vegas Golden Knights and is on the verge of welcoming a second major league franchise. Las Vegas is the top destination for high-profile sporting events and NFL is the next step in our evolution. The NFL’s announcement marks another incredible success for Las Vegas and we look forward to seeing continued progress in bringing the Raiders to Southern Nevada. As the Entertainment Capital of the World, it’s a phenomenal opportunity to expand our offerings to include Raider Nation."