Stadium is bad bet for Las Vegas

By Walter Spargo, Reno

Tuesday, May 17, 2016 | 2 a.m.

The Oakland Raiders are trying to get a new football stadium but have been unsuccessful. After a failed attempt to move the team to Los Angeles, owner Mark Davis teamed up with Sands owner Sheldon Adelson and Majestic Realty and is asking for $750 million in public funds to go with $500 million he has pledged for the stadium. The truth about the Tax Increment Funding they are trying to pass off on us is that we will end up paying the entire $1.4 billion cost of the stadium.

I moved from Las Vegas to Reno, but this is an area of concern for us all. The reason Oakland is not willing to use public funds for a stadium is that it is a bad investment, which they are asking us to make while they pocket the profit from it.

As Nevadans we all need to reach out to our legislators and tell them not to allow our taxes to be used for a sports stadium. That money should be used to improve the worst public school system in the country and homelessness.

The public subsidy for the stadium being proposed is the largest in sports history. It is a sucker’s bet to gamble $1.4 billion on a stadium, and we will all lose. There is plenty of research that supports the claim. I encourage everyone to read about how much stadiums cost taxpayers with no chance of it being repaid. Say no to welfare for the wealthy.