Las Vegas Approves $1.75 Billion Stadium Deal for Oakland Athletics’ Relocation
The Las Vegas Stadium Authority has approved key agreements to greenlight the Oakland Athletics’ relocation to the Las Vegas Strip, paving the way for the team’s long-anticipated move to Nevada. The approved documents, including a 30-year lease and a non-relocation agreement, ensure the A’s commitment to Las Vegas for decades and mark a monumental step in the team’s journey to establish a new home in the desert.
“This is a momentous occasion for the city,” said Steve Hill, CEO of the Las Vegas Convention and Visitors Authority, highlighting the significance of the move for the rapidly growing sports market in Las Vegas. Sandy Dean, a member of the Athletics’ board, echoed Hill’s sentiments, expressing gratitude to all parties involved in bringing the project to this stage.
A Stadium for the Future
The planned $1.75 billion stadium will feature a 30,000-seat capacity and state-of-the-art amenities designed to enhance the fan experience. These include a cooling system and seating configurations that bring fans closer to the action. However, inflation and additional enhancements have increased the project’s cost by $250 million from initial estimates.
The project is set to be funded through a combination of public and private money. Nevada and Clark County will contribute $380 million in public funds, which will only be allocated after the Athletics invest at least $100 million of their own resources. To date, the team has contributed $40 million. Owner John Fisher has committed $1.1 billion of his own funds and plans to secure additional financing through loans and investors, including a $300 million loan from U.S. Bank and Goldman Sachs.
Hill assured the Stadium Authority board of Fisher’s financial capability, citing letters and financial reviews from the banks confirming his capacity to fund the project. Any cost overruns, Dean emphasized, will be borne by the team, ensuring that public contributions remain capped.
What’s Next?
While the Stadium Authority’s approval clears major hurdles, some details still need to be finalized, including a development agreement with Clark County. The Athletics are targeting a groundbreaking for the stadium in spring 2024, with the goal of opening in time for the 2028 MLB season.
In the meantime, the team will play its home games at a minor league ballpark in West Sacramento, California, for at least the next three seasons. This temporary arrangement follows the Athletics’ departure from Oakland, where the franchise spent 57 seasons and won four World Series titles.
Las Vegas: A Growing Sports Powerhouse
The Athletics’ move to Las Vegas solidifies the city’s status as a burgeoning sports hub. Joining the NFL’s Raiders, the NHL’s Golden Knights, and the WNBA’s Aces, the A’s become the latest professional franchise to call the city home. Both the Golden Knights and Aces recently captured championships, further elevating Las Vegas’ sports reputation.
For the Athletics, the move represents a new beginning and a chance to tap into one of the most vibrant entertainment markets in the world. For Las Vegas, it’s another win in its transformation from a tourist hotspot to a sports capital, bringing MLB into the fold and adding to the city’s already impressive roster of professional teams.
With construction set to begin in 2024, fans in Las Vegas can start looking forward to welcoming baseball’s newest team to the Strip, cementing the city’s place as a cornerstone of American professional sports.
