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Saturday, November 11, 2017

Oakland Raiders | Las Vegas Raiders NFL Stadium Groundbreaking Can’t Mask Problems

Oakland Raiders | Las Vegas Raiders NFL Stadium Groundbreaking Can’t Mask Problems - Video

Oakland Raiders | Las Vegas Raiders NFL Stadium Groundbreaking Can’t Mask Problems There's a lot of buzz generated in anticipation of the planned groundbreaking for the Oakland Raiders Las Vegas NFL UNLV Stadium. The event's supposed to be held this Monday, November 13th, and as these things will do, is already causing some people to think that the stadium's going to pop-up overnight. Also, the Raiders sudden change in messaging has contributed to this. About a month ago, the general word was the Raiders were seeking to stay in Oakland through 2022, and maybe not even move to Las Vegas. There were and still are good reasons for that. But after One October, something not talked about publicly happened such that the Raiders are now talking about a 2020 Stadium opening, and even having the NFL Draft in Las Vegas in 2019, which is a complete joke because the Stadium's not going to be ready. Still, Oakland Raiders President Marc Badain put on his snake oil salesman suit, and trotted out that pablum to an audience that could eat it and think it was steak. And so it goes with this groundbreaking event. But the reality is there are a number of reasons why the Raiders groundbreaking is meaningless at this point, and the Silver and Black could still wind up without a stadium. Let's see what remains to be done: 1) 13 of All 14 documents, including the UNLV Joint-Use Agreement and the Community Benefits Agreement, must be made and signed by all parties. 2) UNLV has no incentive to sign the Joint-Use Agreement with the Raiders, as by dragging its feet to May 16th 2018, the University can then take over the project from the NFL team by law – The Southern Nevada Tourism and Investment Act (SNTIA). 3) The matter of why it's taken seven months (and counting) to do soil and land analysis has never been answered – don't expect the reason to be revealed at the groundbreaking, let alone how much it's really going to cost to prep the land. 4) The gap in financing between what the cost is to provide parking for 14,000 cars and also to improve the highway and streets and roadways for the stadium has never been filled. Moreover the SNTIA says the Raiders as developer have to pay for some of that cost. 5) The Stadium Hotel Tax Revenue, already not producing the money that was projected per month. The Las Vegas Stadium Authority is trying to put its best face on a bad problem, but it's a real issue. And that leads to... 6) The impact of One October is on such a terrible scale that it's reasonable to believe the casual traveler is less likely to come to Las Vegas. That hurts hotel occupancy, which depresses the Stadium Hotel Tax Revenue, which makes it more a chance that Clark County's General Fund is tapped into. The problem is the 1.5 to 1 debt coverage ratio – it should have been 2 and the tax should have been 1.4 percent and the not less than 1 percent it is now. 7) The loan debt from the Bank of America Stadium produces a 27 million additional annual operating cost. The Raiders have not identified a revenue stream to pay for the loan. Where's the additional sponsorship revenue needed beyond what was projected in the SNTIC reports? Those are the major issues standing in the way; if I added the minor ones the total list wouild be twice as long. There are other issues like drainage and the channel at the north end of the property. I could go on and on. And then there's the GOP Tax Plan. There's no stomach to take out the anti-pro-sports-stadium tax exemption provision. And if that happens, I don't care what Steve Hill says, the deal's dead. Stay tuned. PLEASE INVEST IN ZENNIE62MEDIA VIA PAYPALHERE: http://ift.tt/2u7j8De


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