Raiders' Las Vegas stadium deal "wobbles"
From Las Vegas KVUU:
Nevada will hold a special legislative session in the coming weeks to mull a financing plan for the proposed NFL stadium in Las Vegas.
While there's plenty of support for the construction of the stadium and the Oakland Raiders coming to town, there is opposition.
Essentially, $500 million would come from the Raiders, $650 million from developer Sheldon Adelson and $750 million from a room tax hike.
"They must think we are dumb to raise taxes for their stadium," an opponent said.
"Building a stadium generally transfers income from the public at large to owners and players. So the most equitable thing to do is that the owners and players pay for the stadium," said Thomas Carroll, chief economist at Thomas Carroll and Associates and former UNLV professor.
"That's the real danger. Why does the public have to finance the investment for people that are already wealthy?" Carroll asked.
If the plan is approved, the project will create jobs, especially during the construction phase. Nearby businesses will benefit as well.
"Activities near the stadium will gain. Property values would go up. But if you draw activities from other places, property values and economic activity could go down elsewhere," Carroll said. "What you really need to do is sit back and say, 'Is this such a good deal? And if it's such a good deal, why does it have to be publicly financed?'"
Developers argue the public commitment will be covered by tourists and that the project will translate to long-term, big-picture growth for the Las Vegas Valley.
Carroll said that's not a guarantee.
Thanks to Field of Schemes