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Saturday, February 10, 2018

MSG Sphere Las Vegas Is Sands Plan To Derail Oakland Raiders NFL Stadium

MSG Sphere Las Vegas Is Sands Plan To Derail Oakland Raiders NFL Stadium - Video

MSG Sphere Las Vegas Is Sands Plan To Derail Oakland Raiders NFL Stadium The Oakland Raiders Las Vegas NFL UNLV Stadium’s future fiscal fate was sealed in New York City, at Radio City Music Hall on February 8th 2018. That is the day James Dolan, NY Knicks Owner and head of Madison Square Garden, introduced an 18,000 seat, 600,000 square foot plan for a globe-shaped music and entertainment arena called MSG Sphere. The 300-foot-tall building will be the result of a partnership between Las Vegas Sands and MSG, be built on a lot next to the giant Ferris Wheel, and present what will be the most sought-after place to perform in, in the World. And take away many big events that The Oakland Raiders and Legends Entertainment believed could be landed for the 65,000 seat facility. Indeed, that, combined with the fiscal debt put on the Raiders Stadium by the Bank Of America loan, will combine to make Las Vegas Stadium Authority Board Member and MGM Exec Bill Hornbuckle’s concern that the Raiders could not draw more than 46 large events annually a reality. That was the number of big events the Raiders, Las Vegas Sands, and Majestic Reality said they could get and needed and needed if the stadium was expected to operate and generate a profit, paying off its expenses and debt in the process. 46 was a number met with disbelief by many. While the number included Raiders Games and UNLV games, that total, including preseason, ads up to 16 events, leaving a gap of 30 events. It was anticipated that stadium size concerts would make up the annual gap, as well as contests like mixed martial arts. But between the existing T-Mobile Arena, and the coming MSG Sphere, not to mention Jackie Robinson’s NBA Arena project, the once achievable mark of 46 events now has to be questioned - along with the fiscal viability of the Raiders Stadium in Las Vegas. In short, The Raiders Stadium Project is in trouble: the Stadium Tax Rate isn’t producing enough revenue for the bond issue to be paid for without dipping into the taxpayers pocket, the Infrastructure costs are adding a half-billion in additional costs, the Raiders pissed off once-partner Las Vegas Sands, the Raiders have upset the current fan base, there is no clear idea of who will offer sponsor money, the idea that people will come is questionable given the ticket, travel, and hotel price points, the workers are arguing over who gets the jobs, and Sands itself along with MGM seems determined to siphon off events and money from it. With all that, why do it? And why continue with the idea that it’s going to be open in 2020,when everyone knows that is not the case? Stay tuned.


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