The $380 million public funding bill for a new stadium on the Las Vegas Strip for the Oakland Athletics was approved by the Nevada Senate during a special session Tuesday, and on Wednesday the Nevada Assembly voted in favor of the deal. As Bill Shaikin tweets, the Senate must now confirm amendments to the bill, Gov. Joe Lombardo must sign it, and the 29 other MLB owners must approve the proposed relocation. All three remaining hurdles are expected to be cleared. Once all that happens or while it is happening, Athletics ownership will need to secure funding for the rest of the $1.2 billion project.
The funding bill was not advanced before the normal legislative session ended last week, and two amendments were added to address several outstanding issues.
The contentious funding package includes up to $380 million in public assistance, with $180 million in transferable tax credits and $120 million in county bonds, which are tax-payer backed loans. The A's would not owe property taxes and a special tax district around the stadium would be carved out. The true cost would be well north of $380 million, as Field of Schemes explains.
It should be noted the $380 million funding bill is not specific to the Athletics. Should ownership fail to secure the necessary funding for the rest of the project and ultimately not relocate to Las Vegas, the package could be used for another MLB franchise that wishes to relocate, or an expansion team.
Late last month, the Athletics released renderings of the proposed 30,000-seat ballpark, which would sit on the current site of the Tropicana Las Vegas hotel. As part of the stadium deal, the Tropicana would be demolished, and the new A's ballpark as well as a new hotel and casino would be built.
A's ownership has indicated it hopes to move into a new Las Vegas ballpark by 2027. The team's lease at RingCentral Coliseum in Oakland expires after the 2024 season, and the A's would need to find a home for the 2025 and 2026 seasons.
The Athletics are currently riding a seven-game winning streak. Despite that, they still own baseball's second-worst record (19-50) and worst run differential (minus-192).
The NFL's Raiders moved from Oakland to Las Vegas in 2020, while the NHL's Vegas Golden Knights joined the league as an expansion team in 2017.
