Las Vegas Sun

March 28, 2024

Agreement transfers ownership of Cashman Center back to city

Cultural Corridor

Steve Marcus

Cashman Center, part of the Cultural Corridor, in downtown Las Vegas Sunday, Sept. 16, 2012.

Local tourism officials today signed off on an agreement that paves the way for ownership of the Cashman Center to eventually transfer back to the city of Las Vegas.

The board of the Las Vegas Convention and Visitors Authority unanimously approved an updated memorandum of understanding that will put the center in the city’s hands under certain conditions. The authority currently owns and manages the center, which is home to the stadium where the Las Vegas 51s play and some convention space.

The authority has wanted to transfer the center to the city so it can free up funds for its planned $1.4 billion expansion and renovation of the Las Vegas Convention Center. The authority operates Cashman at an average loss of about $5 million per year, according to Senior Vice President of Operations Terry Jicinsky.

Additionally, the city stands to benefit from tax revenue if the roughly 50-acre Cashman complex is redeveloped. The city has already been marketing the property for redevelopment under the previous memorandum of understanding, the term of which was due to expire in August.

Rossi Ralenkotter, the authority’s president and CEO, described the new agreement as one that provided a “very good outcome” for both the city and the authority. The Las Vegas City Council approved it last week, and representatives of both the city and the Las Vegas 51s spoke in support of it today.

Under the new memorandum, the transfer of Cashman to the city will be triggered by one of three possible events. One would be early termination of the Las Vegas 51s lease, and another would be the natural termination of that lease at the end of 2022. The city could also request an early transfer under which it would assume the 51s lease and any other active leases at the center.

The new agreement also does not include a previous requirement that any redeveloper of the Cashman property provide another stadium for the 51s, or renovate the current facility where the team plays, according to the authority.

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