Nevada Governor Joe Lombardo has signed a $380 million public financing package into law, aiming to assist in the construction of a Major League Baseball (MLB) stadium for the Oakland Athletics on the Las Vegas Strip. MLB Commissioner Rob Manfred also outlined the approval process for the A’s proposed move during a meeting of owners in New York.
Governor Lombardo, a first-term Republican and former sheriff of Las Vegas, expressed his excitement in signing the measure that was approved by the Democrat-controlled Legislature after a seven-day special session. The proposed $1.5 billion stadium, featuring a retractable roof, is planned in close proximity to the NFL’s Vegas Raiders and the NHL’s Golden Knights, who recently clinched the Stanley Cup in their sixth season.
The signing of the funding package was viewed as a significant step forward by the Athletics, who now intend to initiate the process with MLB to apply for relocation to Las Vegas. The team’s statement emphasized their anticipation of contributing to Southern Nevada’s flourishing professional sports scene and becoming a valued member of the community, generating jobs, economic development, and enhancing the quality of life.
The public funding of $380 million would primarily consist of $180 million in transferable tax credits and $120 million in county bonds. Advocates for the project have asserted that the establishment of a special tax district surrounding the proposed stadium would generate sufficient revenue to repay the bonds and interest, without directly increasing taxes.
The plan’s revival sparked a national discussion on public funding for private sports franchises. While proponents, including A’s representatives and some Nevada tourism officials, believe the project will boost Las Vegas’ sports landscape and serve as an economic driver, critics, including economists and lawmakers, argue that the benefits would be minimal compared to the substantial public expenditure.
Opposition to the plan has come from both sides of the political spectrum, particularly in northern and rural Nevada, far removed from Las Vegas. Concerns were raised over the allocation of public funds to a billionaire, with some considering it a form of socialism. However, supporters highlighted the potential creation of around 14,000 construction jobs, permanent jobs subject to collective bargaining, and the consolidation of Las Vegas as the entertainment and sports capital of the world, following successes such as the WNBA’s Aces, the Golden Knights, and the Aces’ national championship win in the previous year.
Photo credit – Oakland Athletics via AP / Las Vegas, NV