The Nevada Senate has adjourned without voting on a financing bill for a proposed $1.5 billion stadium on the Las Vegas Strip, intended to be the new home for the Oakland Athletics. The legislative session will continue into the next week as negotiations continue regarding the allocation of $380 million in public funding for the project.
While the bill can still be amended and voted upon by lawmakers, it would require approval from both the Senate and the Assembly before reaching the desk of Republican Governor Joe Lombardo, who has shown support for the stadium. However, both the Senate and the Assembly are adjourned until Monday, further delaying the progress of the bill.
During a lengthy hearing that began on Wednesday and stretched into the early hours of Thursday, legislators posed questions to tourism officials and representatives from a firm collaborating with the baseball club, seeking more information about the feasibility and potential benefits of financing such a massive project.
Under the proposed plan, the majority of public funds for the stadium would come from $180 million in transferable tax credits and $120 million in county bonds. Advocates for the project have assured that the creation of a special tax district around the stadium would generate sufficient revenue to repay these bonds and cover the interest. It is important to note that the plan does not involve raising taxes directly.
Moreover, the Athletics would not be responsible for property taxes on the publicly owned stadium, and Clark County, which encompasses Las Vegas, would contribute $25 million in credit toward infrastructure costs.
Proponents of the stadium, including representatives from the A’s and some tourism officials, argue that the deal would not only boost Las Vegas’ emerging sports scene but also serve as an economic engine for the region. However, a growing number of economists and some lawmakers have expressed concerns, suggesting that the project would yield only minimal benefits given its substantial public cost.
As the debate continues, the fate of the proposed A’s stadium in Las Vegas remains uncertain. The delay in the Senate’s vote prolongs the decision-making process and leaves room for further discussions and potential amendments to the financing bill.