Nevada lawmakers recently adjourned without passing Senate Bill 509, a proposal requesting public funding for the Oakland A’s new Las Vegas stadium, according to a local report in the Las Vegas Review-Journal.
To move the plan forward, the state legislature would need to consider public financing during a special session.
Convening a session would involve either a proclamation issued by Governor Joe Lombardo or signatures from two-thirds of the legislature’s members.
Under the terms of SB509, up to $380m in public funds would be allocated to construct the new ballpark. In a breakdown of public funds, $380m would come from tax credits, with $90m to be repaid through a sports entertainment improvement set up at the venue.
The remaining $145m in funding would come from Clark County. Future tax revenue would repay $120m. The other $25m would fund future infrastructure improvements.
Once completed, the new baseball stadium would reside on the Tropicana Las Vegas site, located on the southern end of the Las Vegas Strip. The new venue would be able to seat between 30,000 and 35,000 fans.
The team has considered moving to the Las Vegas Valley for the better part of two years.
The Oakland A’s originally sought to gain legislative for a public funding package totaling $500m, according to a local report. The package “involved tax credits and the creation of a special taxation district to help fund stadium construction.”
Gaming and Leisure Properties (GLPI) currently owns the land for the new stadium, which is leased to Bally’s. Under the current lease agreement, Bally’s pays GLPI $10.5m in annual rent under a 50-year lease.
