Is the stadium deal Nevada made last October the least appealing for the public in professional sports history?
Business Insider claimed Las Vegas “made the worst stadium deal in the world” with it’s $750 million commitment in public funding for a place to house the Raiders.
That figure is a record for a sports facility, according to Business Insider, at $354 per resident –though of course it will pertain as much to tourists as local residents.
The cost led Stanford economist Roger Noll to tell Business Insider it was the “worst deal for a city” he had ever seen. Noll has previously critiqued Nevada’s profit projections to The Mercury News.
The $750 million will come from an increased tax on hotel rooms — which is already in place and pays for schools and transportation, among other things.
“So if the new tax on hotel rooms directed to the stadium does drive room prices down, the money comes out of schools and buses,” reporter Henry Grabar wrote.
Grabar points out that MetLife Stadium and the soon-to-be-built Los Angeles Stadium are the only stadiums within $500 million of the Vegas cost. And those boast a fact the Las Vegas stadium won’t: they host two pro teams apiece.
“So much of this action was premature and rushed through,” Chris Giunchigliani, the only dissenting official on the Clark County Commission, told the Las Vegas Review-Journal in November. “It’s bad public policy to take public tax dollars, especially the largest subsidy (for a stadium project) in the United States, and claim it’s going to benefit economic development.”