Las Vegas Stadium Authority Clears Final Hurdles for Athletics' $1.75 Billion Stadium

In a landmark decision, the Las Vegas Stadium Authority approved the lease, non-relocation, and development documents on Thursday, paving the way for the Oakland Athletics to construct a $1.75 billion stadium on the Strip and bring Major League Baseball to this burgeoning sports market. This approval removes the last major obstacles for the project.


The lease and non-relocation agreements, each spanning 30 years, were celebrated as significant milestones. "It's a really significant day in Las Vegas," remarked Steve Hill, CEO and president of the Las Vegas Convention and Visitors Authority. "Today's a real milestone. I think we should recognize that and celebrate that." His comments drew applause from the attendees.


Sandy Dean, a board member of the Athletics, echoed the excitement, stating, "It's really an exciting day for the A's. We're grateful to everybody that helped us be here today."


While the approval marks a major step forward, several details remain, such as finalizing a development agreement with Clark County. Groundbreaking is anticipated for the spring to ensure the stadium's completion by the 2028 season. Dean mentioned that discussions with the county are in the early stages but expressed optimism about the timeline.


The project costs have escalated by $250 million due to inflation and additional amenities for fans and players, including an under-seat cooling system and a split lower bowl for a closer view of the action. Dean acknowledged potential further cost increases due to interest rates but emphasized their commitment to creating a top-tier ballpark while managing expenses.


Nevada and Clark County have committed $380 million in public funds towards the 30,000-seat domed stadium, which is estimated to accommodate 33,000 spectators. Public funding will commence only after the Athletics have invested at least $100 million, with Dean confirming that $40 million has already been spent. Club owner John Fisher has increased his family's financial pledge to $1.1 billion, supplemented by a $300 million loan from U.S. Bank and Goldman Sachs. Fisher is also seeking investors to purchase equity in the team.


Hill assured the board of Fisher's financial capability to meet obligations, stating, "Any overages are the responsibility of the A's. This may not be the last time the costs rise."


Supporting documents included letters demonstrating the financing is secure, even without additional investors. These letters outlined loan commitments, Fisher's personal financial statements, and a U.S. Bank review affirming sufficient assets to fund the stadium's equity portion.


The Athletics will continue to play in a minor league ballpark in West Sacramento, California, for the next three seasons, following their recent departure from Oakland after 57 years.


​In a related development, ESPN's Jeff Passan reported that the Athletics have agreed to sign free-agent pitcher Luis Severino to a $67 million, three-year contract, the richest deal in the club's history, hours before the LVSA decision.