Las Vegas Raiders stadium 'worst deal for a city' ever, according to Stanford economist
LAS VEGAS (KSNV News3LV) —
The Raiders deal in las vegas has just been approved, and already there are critics.
With a nearly $2 billion price tag, the new Las Vegas Raiders stadium could become the most impressive stadium in the country.
Also impressive is the public dollars approved to fund it: $750 million, which has Stanford economist Roger Noll calling it the "worst deal for a city" he has ever seen.
The comments were made in the latest edition of Business Insider. The article cites the $750 million-dollar public contribution as the most ever for a stadium in the U.S.
The public dollars, of course, will come from the hotel tax, not from residents, however, critics say it's money that could be used elsewhere, like schools.
Supporters of the deal however say part of the engine that keeps those tourism dollars coming is the ability to offer new things, in this case, a stadium.
That includes local economist and UNLV professor Dr. Stephen Miller says it's not fair to compare our future stadium to those in other cities, because Las Vegas draws nearly 43 million tourists every year.
"I'd say in many cities the stadium issue isles of a possibility than here in Las Vegas, because we are a visitor's community, so we have lots of things going on," said Dr. Miller.
Miller says at least 40 or more major events, aside from raiders football will have to take place annually for the stadium to be a success.
Altogether about 6,000 permanent jobs are expected to be created as a result of the stadium project.