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NFL Stadium Hits Speed Bump - Adelson Bows Out

Discussion in 'Casino Industry & Development' started by nostresshere, Jan 30, 2017.

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  1. nostresshere

    nostresshere Mr. Anti Debit Card

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    • Agree Agree x 1
  2. paperposter

    paperposter MIA

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    cool

    i guues the 1$ a year fee ,scared him. there were alot of tricks too fuck us

    i hate the stadium .if they want it let them pay for it not us.
     
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  3. vegasdev

    vegasdev VIP Whale

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    we are already footin the bill. and it was not even necessary. once the team starts playing in Vegas, so much money will pour in. it will generate tons of tax revenue, without raising the tax rate on tourists.
     
  4. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    Exactly why the Raiders have gotten Goldman Sachs on board to cover Adelson's part. They saw this coming.
     
  5. mjames1229

    mjames1229 # of visits includes only trips w/ hotel stays

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    Yep, this is actually good news, not a speed bump. Goldman Sachs will want their money sooner than later, ensuring lots of activity at the new stadium to pay for it.
     
    Super Bowl / Poker Trip Combo Platter
    Bowling the USBC National tournament, I hope.
  6. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I think he was more scared off by the revenue plan for the stadium. Basically, the Raiders will keep all of it (e.g., naming rights revenue). I assume Adelson was looking to get a piece of that action and bailed when he found out he wouldn't get any
     
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  7. stackinchips

    stackinchips VIP Whale

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    Hard to blame him. What was he going to get in return for his $650M?
     
  8. Its Only Money

    Its Only Money VIP Whale

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    He was angling for a piece of the team.
     
  9. hammie

    hammie VIP Whale

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    There was a .88% increase in the Clark County room tax to fund the stadium plus .5% increase to fund the convention center. It looks like the county will sell $500 million worth of 33 year bonds for the stadium, and the county is on the hook for any tax revenue shortfall. Not sure about the CC bond numbers.
     
  10. srudude87

    srudude87 Low-Roller

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    Now Goldman Sachs is starting to reconsider.
     
  11. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I don't necessarily blame him. I would call him out for the hypocrisy, though. When he first stepped up, he gave interviews talking about how he wasn't doing this to make money, how he wanted to give something back to the community, blah blah blah. First rule: when someone says its not about the money, its about the money
     
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  12. stackinchips

    stackinchips VIP Whale

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    Again, I can't blame him. So when you don't get a piece of the team, then the team says they're going to control and take all revenue that the stadium brings in (leases, naming rights, dictating the schedule for other teams, etc.) then what's the point? Yes we want your $650M but you're getting nothing in return. At least the municipality has the opportunity to see a nice return on their money via taxes.
     
  13. stackinchips

    stackinchips VIP Whale

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    For sure. Nobody is putting up over half a billion for nothing in return. I do believe that he was willing to take a lower return on that capital as a means to bring something to the LV community, but he wasn't going to do it pro-bono.
     
  14. wanker751

    wanker751 Dutch Rudder Enthusiast

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    Except not really....

    http://www.forbes.com/sites/jeffreydorfman/2015/01/31/publicly-financed-sports-stadiums-are-a-game-that-taxpayers-lose/#2ad199496183
     
  15. paperposter

    paperposter MIA

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    the stadium suxed for tax payers from day one.it was a scam .
    sheldon expect too make money on it ,the dollar lease ,the naming other events.it just became bullshit

    hes building his own competing arena too tmobile so he can go head too head with them.he will own that one.

    the raiders thought we were desprate fuck them
     
  16. hammie

    hammie VIP Whale

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    Public funding for stadiums makes me think of the Philadelphia Eagles, and I'm working off of my memory now so the exact figures may be off a little.

    Jeff Laurie lost his bid to buy the Patriots (Pats fans: you are lucky that Kraft made a better deal ) so he bought the Eagles using a loan guaranteed by his mother, an heir to General Cinema. I think that was around 25 years ago and the price was about $200 million give or take. Lurie bought it from Norman Braman who bought it from Leonard Tose (who gambled his fortune away in Atlantic City and sued claiming he was drunk).

    Around 1999, all of the teams in PA wanted new digs and so it happened to a tune of $1 Billion of public funding towards 4 stadiums with $256 million of it for the Eagles Stadium. Now the Eagles are valued at around $1.9 Billion. The Eagles want to increase the rent for Temple U to use the field, they keep all concession and parking revenue plus $136 million from Lincoln Financial for the 22 year naming rights.

    Here is another article about public financing of sports stadiums.

    https://psmag.com/america-has-a-stadium-problem-6eae0a4187e1#.ikirb0idq
     
  17. paperposter

    paperposter MIA

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    the difference vegas scools suxs, the police sux here, the roads sux here. we have alot off other things the money could be used for instead off a stadium that is not used much
     
  18. stackinchips

    stackinchips VIP Whale

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    I think Las Vegas is a little more unique and would buck that trend. Given that they are levying an additional tax on hotel rentals, and given that Vegas has A) more hotel rooms than anywhere else in the world, and B) a much higher occupancy rate than almost any other city, and you can see how quickly these funds can be recouped. It's not like the monorail or other public projects which rely on revenue directly from the project or additional money coming in from out of town because of the project (which I'm not even taking into account).

    Per this link: https://www.statista.com/statistics/221046/hotel-occupany-rate-in-las-vegas/

    "Most of the visitors stay in hotels in Las Vegas, which has a total room inventory of 149 thousand. In 2015, the average daily rate in Las Vegas was at 119.94 U.S. dollars. The hotel occupancy rate was at 89.8 percent. "

    That means 149k rooms X $119.94 X 89.8% X .88% (the increased tax on rooms) X 365 = a little over 51.5 million per year towards repayment of the bond which will more than cover it's cost from day 1 (and is likely to go up as room revenues rise).


    Edit: Updated to adjust tax revenue...
     
    Last edited: Jan 31, 2017
  19. hammie

    hammie VIP Whale

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    Not to be "that guy", but the stadium room tax increase is .88%, so that works out to $51.5 Million. The tax increase for the Convention Center expansion is .5%. Two different projects and bond issues. Plus, this increase is for all hotels in Clark County.

    By the way, Sales Tax is being increased by .1% for additional police funding due to the Raiders fans' predilection for mayhem.:evillaugh:
     
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  20. smartone

    smartone VIP Whale

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    It's being spun, as expected, to make the Adelson family seem "victimized", but I hear that Sheldon pressed hard for part ownership of the team after he'd lined everything up and threatened to pull out if he didn't get what he wanted. Don't forget that Adelson owns the Review Journal, so objectivity of anything in that paper is of concern.

    The Raiders feel they have another avenue (Goldman Sachs) and the Governor and his Economic Development Czar, Steve Hill (who's also Chairman of the Stadium Committee) so far are trying to hold this together. Clark County Commissioners led by Steve Sisolak may have other feelings. Stay tuned...

    PP... you can't use room tax revenue for schools, police and highways
     
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