Nevada Senate Extends Session Amidst Negotiations Over Public Funding for Las Vegas Stadium

The Nevada Senate has extended its special legislative session into next week amidst negotiations over whether to contribute $380 million in public funds to finance a proposed $1.5 billion Las Vegas Strip stadium for the Oakland Athletics. The Senate adjourned on Thursday without voting on the financing bill. If the measure passes the Senate, it will need approval from the Assembly before being presented to Republican Governor Joe Lombardo, who has expressed support for it.

Lawmakers Question Feasibility and Benefits of Financing Stadium

Lawmakers have been questioning tourism officials and a representative from a firm partnering with the ballclub about the feasibility and benefits of financing such a deal. The hearing, which began on Wednesday and went into the early hours of Thursday, was aimed at determining if the project would act as an economic engine for Las Vegas or bring minimal benefits for the hefty public price tag.

Public Funds to Come from Transferable Tax Credits and County Bonds

The A’s reached an agreement with Bally’s and Gaming & Leisure Properties on May 15 to build a potential 30,000-seat stadium on the 35-acre Tropicana hotel site along the Las Vegas Strip. The public funds for the stadium would mainly come from $180 million in transferable tax credits and $120 million in county bonds. Supporters of the plan have pledged that the creation of a special tax district around the stadium would generate sufficient funds to pay off those bonds and interest. The plan would not directly raise taxes, and the A’s would not owe property taxes for the publicly owned stadium. Clark County, which includes Las Vegas, would also contribute $25 million in credit towards infrastructure costs.

Deal Would Expand Las Vegas’ Sports Scene

The A’s representatives and some tourism officials believe a deal would further expand Las Vegas’ developing sports scene and act as an economic engine. However, a growing chorus of economists and some lawmakers warn that the project would bring minimal benefits for the hefty public price tag. The negotiations over public funding continue, and the Senate and Assembly are adjourned until Monday. If the financing bill passes the Senate, it will still need approval from the Assembly before being presented to the governor for his signature.