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Vegas casino mogul reveals stadium plan to relocate Oakland Raiders

By Matt Whitener

May 11, 2016; Las Vegas, NV, USA; General view of Oakland Raiders helmet and NFL Wilson Duke football at the "Welcome to Fabulous Las Vegas" sign on the Las Vegas strip on Las Vegas Blvd. Raiders owner Mark Davis (not pictured) has pledged $500 million toward building a 65,000-seat domed stadium in Las Vegas at a total cost of $1.4 billion. NFL commissioner Roger Goodell (not pictured) said Davis can explore his options in Las Vegas but would require 24 of 32 owners to approve the move. Mandatory Credit: Kirby Lee-USA TODAY Sports
May 11, 2016; Las Vegas, NV, USA; General view of Oakland Raiders helmet and NFL Wilson Duke football at the "Welcome to Fabulous Las Vegas" sign on the Las Vegas strip on Las Vegas Blvd. Raiders owner Mark Davis (not pictured) has pledged $500 million toward building a 65,000-seat domed stadium in Las Vegas at a total cost of $1.4 billion. NFL commissioner Roger Goodell (not pictured) said Davis can explore his options in Las Vegas but would require 24 of 32 owners to approve the move. Mandatory Credit: Kirby Lee-USA TODAY Sports /
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A Las Vegas magnate tycoon has come forward with an impressive plan for what could bring the NFL (and much more) to the Las Vegas area.

The Oakland Raiders have made no secret of their drive to escape the unsavory confines of the Oakland Coliseum and break new ground for the NFL in the city of Las Vegas. However, the biggest challenge in such a move has been clear: It will be very expensive.

On the heels of some of the currently standing monoliths of modern NFL stadiums, mainly MetLife Stadium, Levi’s Stadium and the forthcoming new home of the Los Angeles Rams, the standards have been raised for what an new age stadium project is in the nation’s most popular game.

In order to reach these heights, the Raiders will need some help, and it appears they have found it. Las Vegas casino magnate Sheldon Adelson wants football in his city, and has a plan to do so that will help accommodate the Raiders’ desired relocation. In an interview with Yahoo Finance, the 83-year-old CEO, who oversees operations of the Venetian Resort Hotel Casino and the Sands Expo and Convention Center, outlined his planned $1.9 billion venue, the Las Vegas Sands.

It stands to be the most expensive stadium project in NFL history, and would accommodate 65,000 seats, in addition to a number of other commodities in the surrounding area. Adelson is willing to put forward $650 million of his own dollars to help push the effort, which would be accompanied by a $500 million contribution from Raiders owner Mark Davis (which would include a $200 million loan from the league). With the accompaniment of some $750 million in public funding, the stadium would become a strong financial possibility, which gives it a good chance of NFL owner approval given the history of similar initiatives.

There are, of course, hurdles in getting public funds approved for such a deal from the local government, who rightfully believe that Adelson, Davis and the NFL could afford to foot the bill on their own. However, this works in contrast with the desire for urban growth in the area by the Las Vegas Convention Center as well. Earlier in the summer, the NHL broke ground in the area by approving expansion into the city. The “Desert Knights: (as the team is rumored to be named) will open play next fall and become the first major professional sports team to call the city home.

LVS has been steadfast that without public financing, they will abandon the plan, which would leave the Raiders¯— as well as the Convention Center — in limbo.

Related Story: Raiders file Las Vegas trademark applications

The lure of the deal for Adelson is not football, which he states he is a “minor fan” of, but rather the accompanying options of filling hotel rooms.

"“I’m doing it because we see there could be some advantages to the whole community—not necessarily on the NFL side, because it’s very difficult for us to make any money from the stadium just with the NFL team. The only opportunity for us to make money is from activities other than football” said Adelson to Yahoo."

His vision for the stadium is to be a way to further package hotel stays for more than just football, but for concerts and other professional sporting events as well, both domestically and internationally.

"“We could package our rooms with prime seats in the stadium for concerts, for mixed martial arts, for boxing, for college football, for major league soccer. The last fight between Mayweather and Pacquiao could have filled a football stadium, it was in extremely high demand. And we think we could bring in Premier League soccer teams like Manchester United, Chelsea, Arsenal, Liverpool, Barcelona, Real Madrid, they could come in and do their friendlies. And that would bring crowds. It’s a tourist attraction like conventions are a tourist attraction.”"

In regards to opposition from the local government and economy to contribute to the plan, Adelson states that it won’t nearly be as heavy of a burden on them to finance as it will be by tourists instead:

"“Yes. In other cities, the local taxpayers pay for it, because they don’t have a tourist base. But all of our hotels, for the most part, are occupied by tourists, who pay a room tax. So the local residents here won’t feel any imposition of taxes. Let’s say the room tax is 12%, maybe the tax goes up to 12.75%. But I know that it will be less than a 1% increase in room tax.”"

The plan is ambitious, as is the sell to the local economy. But Adelson sees the NFL as just a piece of a greater pie, albeit the most necessary part to get the project off the ground. However for the desires of Davis’ and the other 31 NFL owners, the Las Vegas project just became perhaps the most enticing possible relocation of any proposed in recent memory. Stay tuned.

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