LAS VEGAS – Steve Hill, the president and CEO of the Las Vegas Convention and Visitors Authority, expressed optimism regarding the approval of three crucial documents required to kick off the construction of a new stadium for the Athletics on December 5. Hill described the progress as moving towards the final stages during the Las Vegas Stadium Authority board meeting.

The LVCVA and Hill were confident in the approval of the documents at the December meeting, leading to the cancellation of three other scheduled meetings. The next board meeting is set for October 17, with a precautionary meeting scheduled for December 12 as a backup plan.

The essential documents needed for the proposed $1.5 billion, 33,000-seat domed stadium on the Las Vegas Strip include lease, non-relocation, and development agreements. The lease agreement was presented during the recent meeting but was not voted on.

The lease agreement entails an initial 30-year lease with the potential for extension up to 99 years. In comparison, the lease agreement for the Las Vegas Raiders of the NFL is set at 30 years without provisions for the time frame beyond that.

Allegiant Stadium, the current home of the Raiders, opened its doors in 2020. The Athletics aim to have their ballpark ready for the 2028 season.
Hill mentioned that the flexibility in the agreements allows for future adjustments, providing optionality for renegotiations after a certain period, which was not initially considered in the legislation passed in 2016.

The Athletics are concluding their final season in Oakland and have agreed to play the subsequent three seasons, with an option for a fourth, at a Triple-A stadium in West Sacramento, California. This temporary facility will be shared with the River Cats, the Triple-A club associated with the San Francisco Giants.

The Athletics anticipate utilizing $350 million in public funds, less than the $380 million earmarked by the Nevada Legislature for the project. The club plans to finance $300 million for the stadium costs, with the remaining $850 million to be contributed by private equity. Hill suggested that the A’s might present their financing plan at the upcoming October meeting.