Las Vegas stadium proposal could cost taxpayers record $750 million

In our opinion, Seattle Seahawks cornerback Richard Sherman had it right earlier this month when he told a Seattle radio station the NFL’s billionaire owners should pay for new stadiums out of their own pockets, instead of making taxpayers foot the bill, affecting the ability to handle more pressing municipal needs.

But Sherman’s message apparently hasn’t made it to Las Vegas.

Billionaire Sheldon Adelson, the 15th richest person in America with an estimated net worth of $26 billion, has proposed that Las Vegas build a domed stadium to woo the Oakland Raiders to Sin City. Under Adelson’s plan, the building would be funded using $750 million in municipal bonds. 

That’s a staggering number. 

Think about how many schools could be built, how many roads could be improved, how many far more important things than building a giant stadium could be done with three-quarters of a billion dollars. Here’s an idea – if Sheldon Adelson wants the Raiders in Las Vegas so badly, why doesn’t he ante up the money (see what we did there?) for the place? 

But we digress. According to Bloomberg, if Las Vegas puts up $750 million (the money would be raised by increasing the tax on hotel room stays), it will set a sad new record for the most money a municipality gave toward stadium construction. Indianapolis subsidized Lucas Oil Stadium to the tune of $620 million.

An economic advisor to Nevada Gov. Brian Sandoval has suggested that the public contribution be a mere $500 million, with $900 million coming from the private sector.

Oakland lawmakers have refused to pay any money toward a new stadium to keep the Raiders in the city.