Las Vegas Sun

March 29, 2024

Builders set to present their price guarantee for Raiders stadium

Raiders Stadium

Raiders.com

This rendering shows the Raiders stadium in Las Vegas. Construction is expected to be completed in time for the 2020 NFL season.

After review by parties including the NFL and Clark County, no major changes have been made to agreements related to the Raiders football stadium that were approved more than two weeks ago by the Las Vegas Stadium Authority.

The dozens of documents approved March 1 were conditional upon additional feedback from the NFL, the county, lawyers and bankers.

Most of the updates involved fine-tuning, said Jeremy Aguero, principal of Applied Analysis and the lead staff member for the stadium authority. “The last two weeks have been highly technical,” he said.

The parts of the Stadium Authority meeting on Thursday that will garner the most attention are the stadium design and budget items, Aguero said.

The stadium builders, McCarthy Building Cos. and Mortenson Construction, will present the authority with a guaranteed maximum price for the project, which has been estimated at $1.9 billion.

Public funding from Clark County hotel room taxes is capped at $750 million, so the Raiders would have to foot the bill for anything over the estimate.

January room tax revenue earmarked for the stadium exceeded projections by 4 percent, coming in at $4.7 million and breaking a three-month stretch of lower-than-expected collections. The January uptick coincided with the CES gadget show, one of Las Vegas’ biggest conventions.

Since July, room tax revenue for the stadium has been $28.09 million, which is 0.8 percent ahead of projections.

NFL owners will meet Sunday through March 28 and will consider the stadium plan for approval. The Stadium Authority is expected to meet March 28, when it will ask the county to issue construction bonds for the project. The Clark County Commission next meets April 3.