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Las Vegas stadium backers don't want profit-sharing

Posted at 5:44 PM, Sep 08, 2016
and last updated 2016-09-09 12:26:49-04

The committee discussing a plan to build a nearly $2 billion NFL stadium in Las Vegas is working to tackle several issues over the next week.
At Thursday’s meeting of the Southern Nevada Tourism Infrastructure Committee, members brought up the question of who would pay to improve the roads surrounding 65,000-seat stadium to make sure fans could get there on game day.
"I don't want this $750 if this committee is willing to go with that to go up to $800, $850, $900," Clark County Commission Chairman Steve Sisolak said.
When asked if a potential flyover project would be factored into the estimated $1.9 billion cost of the proposed stadium, developers didn't have an answer.
"I don't know the answer because it depends on the cost," a representative for the stadium developer said.
Sisolak explained taxpayers couldn't handle any more than the $750 million they are already being asked to provide through an increase to the room tax.
"That would have to come out of our general fund, which we do not have," Sisolak said.
Developers also held a hard line when it came to revenue sharing on any profits from stadium operation, saying it will not be part of the deal.
They also reject a proposal to cap public funding at 39 percent of the total cost of the project.
Those at the meeting representing Las Vegas Sands Corp CEO Sheldon Adelson didn’t seem to think the disagreements were a major issue in the long run.
"We may have a difference of opinion on a few issues, but that is OK," said Andy Abboud, Las Vegas Sands Corp Senior VP of Government Affairs.
With a week before the next meeting, both sides are eager to work out the details the best they can before the stadium committee sends a recommendation to the governor.
"I think everybody is ready to move on and decide whether this is going to happen or not," Abboud said.
It would then be up to the 63 members of the Nevada state Legislature to decide if it is a good deal.
"I think it is going to be a difficult task, I don't think it is impossible," Sisolak said.
Developers say they need an answer from the state by the end of October.
That would require Gov. Brian Sandoval to call the Legislature into a special session.