The Las Vegas Stadium Authority (LVSA) has approved a series of key agreements for the construction of the new stadium for relocating MLB franchise the Athletics, with chairman Steve Hill stating the decision marks a “really significant day” for the city and state.
At a meeting yesterday (Thursday), the LVSA signed off on the development, non-relocation and lease agreements for the new 33,000-capacity ballpark, which this week saw its budget rise to $1.75bn (£1.38bn/€1.67bn), up from the previously reported $1.5bn.
The lease and non-relocation agreements have an initial term of 30 years, with the potential for multiple extensions to the former, up to 99 years. There are clauses in place for if the A’s attempt to relocate before the lease contract concludes, or if the stadium becomes unplayable during this time.
The development agreement requires that the A’s spend the first $100m on the project before public funding is made available. At yesterday’s meeting, according to the Las Vegas Review-Journal, the A’s reported that they have already spent $40m during the planning phase of the project.
Through Senate Bill 1, which was signed 17 months ago, public funding for the project is capped at $380m, with the A’s to be liable for cost increases in the scheme. A’s owner John Fisher and his family will be accounting for $1.4bn of the cost – $1.1bn through a Fisher family equity contribution and $300m by way of a construction loan from U.S. Bank and Goldman Sachs.
“It’s a really significant day for Las Vegas, for Nevada,” Hill said yesterday. “There will be more of that. We’ll have the groundbreaking, we’re going to have a (stadium) topping off party and we’re going to have Opening Day. We’re going to have many years of Major League Baseball.”
In November 2023, the A’s received the green light from Major League Baseball (MLB) to relocate from Oakland to Las Vegas. The team has played out its final season at the Oakland Coliseum and is now set to head to Sutter Health Park in Sacramento for the 2025-2027 campaigns prior to the move to Vegas in 2028.
In October, the first details were revealed behind the planned integrated resort that will be part of the new ballpark scheme. The stadium will be constructed on the site of the Nevada city’s iconic former casino-resort, Tropicana Las Vegas. In May 2023, the A’s reached a binding agreement with Bally’s and Gaming & Leisure Properties Inc. (GLPI) to build a new ballpark on the site.
The Review-Journal said the A’s will now work with Clark County officials on the entitlement process for the stadium land, a separate ballpark development agreement and the creation of a Sports and Entertainment Improvement District – which will raise the county’s portion of the public funding – before construction can begin.
Ground breaking is expected in the second quarter of next year, with the new ballpark scheduled for competition by MLB Opening Day 2028. “We’re at the early stages with Clark County, but we’ve had several meetings and those have been really constructive,” Athletics executive Sandy Dean said.
“Clark County has been really receptive to wanting to work with us and meet the timelines that are necessary for us to open in April of 2028. We’re at the front end of that, and we’ve got some work to do.”
Clark County Commissioners also this week approved permits for a wide-ranging project on the Las Vegas Strip that will include an 18,000-seat NBA-ready arena.
The project, which will also feature hotels and a 6,000-seat theatre, is being developed by real estate development company LVXP. In May, AECOM was appointed to provide architectural and engineering services for the arena.
