Nevada Governor Joe Lombardo has signed Senate Bill 1 (SB1), paving the way for the Oakland Athletics baseball team to relocate to a state-of-the-art $1.5 billion ballpark in Las Vegas. The new stadium, expected to accommodate around 30,000 fans, will be situated on the current Tropicana Las Vegas site, with completion anticipated for the 2028 season. This significant development is backed by a comprehensive funding plan outlined in SB1, reflecting months of negotiations between the team, the state, the county, and the league.
Funding Breakdown:
The funding for the new stadium comes from a multi-source arrangement, totaling $705 million. Key contributors include:
Bally’s and Gaming and Leisure Properties: Offering 9 acres of the 35-acre site, valued at approximately $180 million, for free.
Public Funding: Comprising $380 million.
State Contribution: Amounting to $180 million.
Clark County: Providing $145 million.
Tropicana Las Vegas Site:
The chosen location for the new ballpark is the Tropicana Las Vegas property, owned by Bally’s and Gaming and Leisure Properties. The generous offer of 9 acres for the stadium’s construction enhances the project’s viability and economic feasibility.
Expected Impact:
Upon completion, the new stadium is anticipated to host over 2.5 million visitors annually, contributing significantly to Las Vegas’ reputation as a global sports destination. Governor Lombardo expressed excitement about the opportunity, highlighting the growing position of Las Vegas as a major player in the sports and entertainment industry.
A’s Statement:
The Oakland Athletics released a statement acknowledging the signing of SB1 as a significant step forward in securing a new home. They expressed gratitude to Governor Lombardo, legislative leaders, and Clark County Commissioners and staff for their collaboration and support.
Nevada Gaming Revenue in April:
In related news, the Nevada Gaming Control Board reported a 2.8% year-on-year increase in gaming revenue for April, with the state’s casinos generating $1.15 billion. The Las Vegas Strip contributed $624.7 million, reflecting a 5.2% increase, affirming the region’s continued economic resilience.
The signing of SB1 marks a historic moment for Las Vegas, securing funding for a state-of-the-art baseball stadium and solidifying the city’s status as a thriving sports and entertainment hub. The collaborative efforts between public and private entities showcase the commitment to enhancing the region’s appeal and economic prosperity. With completion expected in 2028, the new stadium promises to be a cornerstone for Las Vegas’ sports landscape.