The Las Vegas Stadium Authority released the official figures for the new stadium set to be constructed in Sin City, with the project estimated to cost more than $1.3 billion. The stadium will be the home of the current Oakland Raiders, once they move to Las Vegas.
The Raiders will be paying a large sum for the stadium, spending $850 million, while the public will have to contribute $750 million. Lawmakers of Nevada approved the public subsidiary back in 2016, with the NFL also providing financing to the tune of around $200 million.
The construction of the stadium has been estimated at $1.33 billion but the entire project will cost around $1.8 billion as there is engineering costs to consider as well as the acquisition of land. Reportedly, the NFL team has already spent around $180 million during the development stages of the project.
The site where the stadium is located is just down from the Mandalay Bay Casino, at Interstate 15 and Russell Road. The project has an estimated completion date of July 31, 2020 which would be right before the 2020-2021 football season, marking the first time an NFL team would call Sin City home.
Late last year, demo work and site prep began, and the foundation work just began in February. Additional construction will begin in April, when the stadium will start to gain its height. The roof of the facility is expected to be constructed by May of next year.
The stadium will have 65,000 and estimates have suggested that a Las Vegas NFL team will bring as many as 400,000 new visitors to the region annually. The stadium is also supposed to generate as much as $620 million in annual activity for the economy. A portion of the spending will take place via sports betting volume, which is expected to increase due to the new football team.
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