{"id":46403,"date":"2023-06-14T13:00:07","date_gmt":"2023-06-14T20:00:07","guid":{"rendered":"https:\/\/nevadanewsandviews.com\/?p=46403"},"modified":"2023-07-19T11:20:35","modified_gmt":"2023-07-19T18:20:35","slug":"deal-to-give-athletics-380m-to-move-to-las-vegas-passes-nevada-legislature","status":"publish","type":"post","link":"http:\/\/nevadanewsandviews.com\/deal-to-give-athletics-380m-to-move-to-las-vegas-passes-nevada-legislature\/","title":{"rendered":"Deal to give Athletics $380M to move to Las Vegas passes Nevada Legislature"},"content":{"rendered":"
\"\"

A person, reflected in glass, walks near the Tropicana Las Vegas, Tuesday, May 16, 2023, in Las Vegas. Nevada Gov. Joe Lombardo announced Wednesday, May 24, 2023, a tentative agreement between his office, legislative leaders in the state and the Oakland Athletics for a baseball stadium funding plan after weeks of negotiations over how much public assistance the state will contribute to a $1.5 billion ballpark in Las Vegas, according to a joint statement. The bill comes on the heels of the Athletics\u2019 purchase of land on the southern end of the Las Vegas Strip where the Tropicana Las Vegas casino resort sits.
AP Photo\/John Locher<\/p><\/div>\n

(Jon Styf<\/em>) \u2013 The Nevada Legislature finished its special session by approving a $380 million tax bill to attempt to bring the Oakland Athletics to Las Vegas.<\/p>\n

The Assembly passed an amended bill, 25-15, on Wednesday night before the changes were approved by the Senate.<\/p>\n

The largest change in the deal Wednesday was a guarantee that the Athletics would put $2 million annually into a community benefits agreement after a 30,000-seat retractable roof stadium opened in 2028.<\/p>\n

The bill includes a tax capture at the complex expected not only to pay off up to $175 million in bonds but also to fund future capital projects at the stadium, which will be required by a \u201cfirst-class\u201d clause in a 30-year lease the Athletics plan to sign.<\/p>\n

The bill also requires the stadium to be built on the Tropicana site.<\/p>\n

The\u00a0stadium tax capture<\/a><\/strong>\u00a0will collect all sales, payroll, insurance, gross revenue, ticket and liquor taxes at the nine-acre site \u2013 planned to be built at the corner of Las Vegas Boulevard and Tropicana Avenue on the site of the current Tropicana Las Vegas Casino Resort \u2013 along with transportation taxes on trips to and from the complex. The Athletics will be able to sell stadium naming rights and keep those funds.<\/p>\n

The Senate\u00a0passed the bill<\/a><\/strong>\u00a0on Tuesday. Now it will head to the desk of Gov. Joe Lombardo, who called the special session to get the Athletics deal passed.<\/p>\n

A large part of the pitch from bill proponents, like Jeremy Aguero of Las Vegas-based Applied Analysis, was the claimed economic impact of professional sports in Las Vegas.<\/p>\n

Economist E. Frank Stephenson of Berry College in Georgia looked at the impact on hotel data for four years between October 2015 and September 2019, finding that there was no statistical impact showing an increase in room rentals, average daily rate or hotel revenue associated with either Aces or Knights games.<\/p>\n

He didn’t look at Raiders hotel impact because COVID-19 would make the data not worthwhile.<\/p>\n

“Baseball season runs April to Sept and those are 6 of the 8 highest occupancy months in LV,” Stephenson wrote. “I\u2019d expect a lot of displacement if the A\u2019s do actually attract tourists to LV.”<\/p>\n

\n

By<\/p>\n

Jon Styf<\/a> | The Center Square<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Jon Styf) \u2013 The Nevada Legislature finished its special session by approving a $380 million tax bill to attempt to bring the Oakland Athletics to Las Vegas. The Assembly passed an amended bill, 25-15, on Wednesday night before the changes were approved by the Senate. The largest change in the deal Wednesday was a guarantee […]<\/p>\n","protected":false},"author":88912,"featured_media":46405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[748],"tags":[3466],"_links":{"self":[{"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/posts\/46403"}],"collection":[{"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/users\/88912"}],"replies":[{"embeddable":true,"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/comments?post=46403"}],"version-history":[{"count":1,"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/posts\/46403\/revisions"}],"predecessor-version":[{"id":46406,"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/posts\/46403\/revisions\/46406"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/media\/46405"}],"wp:attachment":[{"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/media?parent=46403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/categories?post=46403"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/nevadanewsandviews.com\/wp-json\/wp\/v2\/tags?post=46403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}