(The Center Square) – The Nevada Senate approved an amended deal to put up to $380 million in public funding toward a stadium and entertainment development project to bring the Oakland Athletics to Las Vegas.
The Senate passed the deal with a 13-8 vote, and the bill will now move on to the Assembly in the second week of the special session.
The bill includes a tax capture at the complex expected not only to pay off up to $175 million in bonds but also to fund future capital projects at the stadium, which will be required by a “first-class” clause in a 30-year lease the Athletics plan to sign.
The amended bill requires the team to fund a community benefits fund with $500,000 each year until the 30,000-seat stadium with a retractable roof opens in 2028 and then bump that contribution up to $1.5 million annually or 1% of the team’s annual ticket revenue, whichever is higher.
The bill also requires the stadium to be built on the Tropicana site.
The stadium tax capture will collect all sales, payroll, insurance, gross revenue, ticket and liquor taxes at the nine-acre site – planned to be built at the corner of Las Vegas Boulevard and Tropicana Avenue on the site of the current Tropicana Las Vegas Casino Resort – along with transportation taxes on trips to and from the complex. The Athletics will be able to sell stadium naming rights and keep those funds.
Sen. Dallas Harris, D-Las Vegas, said that she did not support the bill but appreciated the amendments that were made.
Sen. Fabian Doñate, D-Las Vegas, agreed, saying that he was pleased to see the community benefit to end homelessness expanded to all of Clark County instead of just the area around the Las Vegas Strip.
Sen. Ira Hansen, R-Sparks, said that he is fearful this deal will open the door for like Steve Wynn to come to the state asking for tax incentives to build a new casino based on employment and tax projections, just like the team.
“These bills are great, and I have no doubt that the A’s will make money, but if that’s the case why are we holding the taxpayers accountable for financing it?” Hansen asked.
