It’s not very often that a saved sanctified Nazarene says “Hell NO” in a blog post.
But when the promoters of the new stadium deal in Las Vegas say: Not Negotiable unless the public puts up $750,000,000 (That’s right, mother million!) first – I say Hell NO! And any elected leader who does not say that ought to be defeated at the next election.
I do give the promoters and their friends a modicum of credit: They at least are trying to spread the tax burden – a hotel tax at would add about $1.08 to each night’s hotel room:
Public funding would come from an increase in a Las Vegas-area hotel room tax and potentially from a special taxation district around the stadium. Proponents displayed sample room reservations from the Sands-owned Venetian casino to show the hotel tax hike would add about $1 to a nightly bill of $109.
The public share is to be raised by a .9 percent sales tax on hotel rooms in the city–or about $1.08 per room, per night added to current hotel costs.
The public would also own the stadium. But it could be a huge boondoggle:
Stadium proponents also responded to concerns that the Raiders would move after the Las Vegas area invested in their venue, leaving taxpayers holding the bag. Raiders President Marc Badain said the team would sign a lease that lasted as long as the debt — 25 or 30 years — and Sands officials said they’d hold the team accountable for standing by the Adelson family’s major investment.
The team could still move – this is the Oakland/
Los Angeles Raiders of course – I am sure it has a clause allowing such a move for some damages and it ain’t $750m! And with the legal gambling in Vegas on sports, it might be problematic to get a new team in this stadium. Might be stuck with the Flying Squirrels!
And the public holds the bag but the investors get the profit:
Officials said the stadium itself would be publicly owned, while the private investors would be on the hook for cost overruns but could potentially reap returns from their investment.
No sharing any profit with the people! Remember Sandy’s First Law: The Taxpayer gets Screwed!
I think it is a bad idea. If the Raiders are that profitable for Las Vegas, they’ll bring them in with private funds. My vote is HELL NO. People in Las Vegas can use my slogan for bumper stickers if they want or even invite me to come campaign against them: My Walter Mitty dream was always that Ron Paul’s campaign would send me to Vegas and my job would be convince the showgirls to vote for liberty! A thankless job but somebody’s gotta do it! 🙂 Just contact Tom White…