The Las Vegas Stadium Authority has given the green light for the Athletics to proceed with the construction of a $1.75 billion stadium on the Strip, paving the way for Major League Baseball to enter the burgeoning sports market in Las Vegas. The approved lease and non-relocation agreements are set for a 30-year term each, marking a significant milestone for the city.
With the necessary documents in place, the groundbreaking for the stadium is expected to take place in the spring, aiming for completion in time for the 2028 season. The cost of the stadium has increased by $250 million due to inflation and additional amenities for fans and players, such as an under-seat cooling system and a split lower bowl design to enhance the spectator experience.
Public funds totaling $380 million from Nevada and Clark County will support the construction of the 30,000-seat domed stadium, with an estimated capacity of 33,000. The Athletics have already invested $40 million in the project, and owner John Fisher has raised the family's financial commitment to $1.1 billion.
To secure additional funding, U.S. Bank and Goldman Sachs will provide a $300 million loan, while efforts are underway to attract investors who may purchase equity in the team. The Athletics are prepared to cover any cost overruns, emphasizing their dedication to delivering a world-class stadium for Las Vegas.
The team will temporarily play at a minor league ballpark in West Sacramento, California, for the next three seasons before relocating to Las Vegas. The move comes as part of the city's growing sports landscape, which already includes the NFL's Raiders, NHL's Golden Knights, and WNBA's Aces, all of which have achieved championship success in recent years.
The approval from the Las Vegas Stadium Authority coincided with the A's signing of free-agent pitcher Luis Severino to a record-breaking $67 million, three-year contract, signaling a new era for the team as they prepare to make their mark in Las Vegas.
Source: AP MLB
