December 6th 2024.
The Las Vegas Stadium Authority met on Thursday to approve a lease, non-relocation, and development documents for the Athletics' new $1.75 billion stadium on the Strip. This exciting milestone marks the expansion of the sports market and the arrival of Major League Baseball to the city.
The lease and non-relocation agreements have been set for a period of 30 years, providing a stable and long-term commitment to the project. Steve Hill, CEO and president of the Las Vegas Convention and Visitors Authority, expressed his enthusiasm for this development, stating that it is a significant day for Las Vegas and a cause for celebration. The room erupted in applause in agreement.
Representatives from the Athletics organization, including board member Sandy Dean, also shared their excitement and gratitude for the support that led them to this moment. While there are still details to be worked out, such as a development agreement with Clark County, the groundbreaking is expected to take place in the spring with a planned opening for the 2028 season. Dean mentioned that discussions with the county are in the early stages but have been met with a positive response.
Dean also revealed that the cost of the stadium has increased by $250 million due to inflation and the addition of fan and player amenities, such as an under-seat cooling system and a split lower bowl to bring the crowd closer to the action. He also acknowledged the possibility of further cost increases, depending on factors such as interest rates. However, he reassured that club owner John Fisher has increased his financial pledge to $1.1 billion, with a $300 million loan from U.S. Bank and Goldman Sachs. Fisher's goal is to attract investors from Las Vegas and beyond to purchase equity in the team.
During the board meeting, Hill emphasized that any additional costs will be the responsibility of the A's but also expressed confidence in Fisher's ability to meet his obligations. The board approved the A's request to have control over their share of the stadium's construction costs. The necessary financial arrangements were also included in the documents, including loan commitments from the two banks, statements from Fisher and his family's financial capability, and a review of Fisher's finances by U.S. Bank.
Dean added that while they aim to create a world-class stadium, they will also manage the costs to the best of their ability. This sentiment was echoed by Hill, who stated that the A's are committed to delivering a premier stadium that Las Vegas deserves.
With a 30,000-seat capacity and the potential to expand to 33,000, the new domed stadium will be funded by a combination of public and private funds. The state of Nevada and Clark County have pledged $380 million in public funds, which will only kick in once the A's have invested at least $100 million. Dean disclosed that the organization has already invested $40 million in the project.
The A's will continue to play at a minor league ballpark in West Sacramento, California, for the next three seasons before moving to their new home in Las Vegas. This news comes shortly after the team bid farewell to their previous home in Oakland, California, after 57 seasons.
The decision made by the LVSA comes on the heels of another major announcement for the A's. It was revealed that they had reached a $67 million, three-year contract with free-agent pitcher Luis Severino, the largest deal in club history. This news further solidifies the A's as a significant addition to the Las Vegas sports scene, joining the NFL's Raiders, NHL's Golden Knights, and WNBA's Aces. With three championships won by the Golden Knights and Aces in recent years, the A's are looking to continue this winning tradition in their new home.
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