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Las Vegas Raiders Stadium: Taxpayers Pony Up $750,000,000 – Not Negotiable Says Promoters; Hell NO is What Sandy Recommends!

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.

Here is the Breitbart article and here is the San Jose Mercury News piece B cites.

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.

And:

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…

 

 

About Elwood Sanders

Elwood "Sandy" Sanders is a Hanover attorney who is an Appellate Procedure Consultant for Lantagne Legal Printing and has written ten scholarly legal articles. Sandy was also Virginia's first Appellate Defender and also helped bring curling in VA! (None of these titles imply any endorsement of Sanders’ views)

3 Responses to “Las Vegas Raiders Stadium: Taxpayers Pony Up $750,000,000 – Not Negotiable Says Promoters; Hell NO is What Sandy Recommends!”

  1. robert shannon says:

    Taxpayer funded economic development has become a cottage industry fueled by grant money ( confiscated against their will ) and facilitated by crony capitalist pals of elected officials at every level of government.

    Here in King William county , which has just joined a new ” regional economic development” commission I have asked in e-mails, letters to the editor of local newspapers,( and on our TEA Party signs) where has the $200,000 the county has spent over the last 10 years gone, paid to whom specifically and what businesses has this expenditure brought to King William ?
    Sandy makes an excellent point, one worth highlighting………..if this is such a grand idea private investors ( particularly in such a low interest/yield starved world ) would be lining up in droves to invest in this proposed new stadium.
    No subsidized financing, no tax abatements or forgiveness—let a free market decide if a project is worthy or not.

    Look at the refinanced Hanover County bonds that were issued for the water/sewer lines on 95 for a project that collapsed leaving Hanover taxpayers ( those not fortunate enough to get special exemptions from their political pals ) stuck holding the bag. Homeowners in Hanover have no clue of what is coming their way in terms of tax increases.
    Bob Shannon King William

  2. derel cadarn says:

    Let’s ask the promoters how much of the profits will be distributed to the tax payers from all revenues at the stadium ?

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    Tom White Says:

    Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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