Raiders President Marc Badain and Steve Hill, chairman of the Las Vegas Stadium Authority, the public entity that facilities the construction and financing of the project, agreed to a deal that allows the $1.8 billion project to move forward. With that, the Raiders are cleared to move from their current home in Oakland, California, to their new digs in the Nevada desert.
So far, the team has spent $180 million on the stadium, a figure that includes preliminary site work and last year’s $77.5 million purchase of the 62-acre property.
At the meeting in Orlando yesterday, NFL owners okayed a $200 million league loan that will finance the construction, with only one of the league’s 32 owners voting against the deal. On the public side, the Las Vegas Sun reported that Clark County (which includes Las Vegas) will direct $750 million in hotel room tax revenue towards the project.
In a Q&A posted on the Raiders website, owner Mark Davis expounded on the stadium design, comparing it favorably to the stadium the team almost occupied in California:
“I think it’s an iconic building, number one. It’s something that… the basic structure of it and everything has brought the dynamic back to what we were doing with the Carson building with the Chargers. I just fell in love with the architectural design of it. To adapt that building that we did for Carson, put a roof on it… to come out with glass, which has always been a prerequisite for me. To get that aspect done, I think building looks fantastic. Just excited that the Raiders will have a home. Something the fans can be proud of, the league can be proud of, the players can be proud of…”
The Las Vegas Review-Journal reported that construction is expected to be finished by August 1, 2020, about a month before the regular season begins.