Las Vegans could not be more excited about the prospect of having their very own NFL Stadium and team. According to ESPN’s Paul Gutierrez, this happiness may actually not be able to be bought.
What started with an initial $1.4 billion estimate for a 65,000-seat stadium has now almost doubled to a projected $2.1 billion. This new estimated was presented in a Southern Nevada Tourism Infrastructure Committee meeting. The same meeting in which nine potential sites for the stadium were revealed. On top of the multi-billion dollar price tag for infrastructure, the $1.3 billion increase comes from land acquisition costs. Not to mention the newly proposed retractible done suggested by the potential new Nevada native, the Oakland Raiders owner Mark Davis.
The drastic increase is a direct reflection of the caliber of real estate that is being considered. Suggested sites include land owned by the MGM, the Las Vegas Convention and Visitors Authority, and three sites off Tropicana Avenue (on or close to UNLV’s campus). Tropicana Avenue is the most coveted area due to it’s land on the Las Vegas Strip and direct access into McCarran International Airport.
While the $2.1 billion price tag may seem steep, it has become industry standard. Take the Los Angeles Rams’ proposal, who have suggested a new 300-acre stadium in Inglewood, California at a price point of $2.6 billion. This also comes as a reflection of the lucrative NFL industry. According to an article from Bloomberg in 2014, “NFL’s revenue is estimated to be about $9.5 billion per year. The overall market value of the 32 teams that make up the league is estimated to be $46 billion.”
To that end, $2.1 billion doesn’t really seem so bad. When you have the heart (and wallets) of Sin City so ready to welcome this NFL dream, it is about time it be made into a reality.