Las Vegas ballpark a step closer to reality as board OK's provisions

The Las Vegas Stadium Authority Board took major steps today toward bringing the Athletics' new 30,000 seat stadium to life on the Strip, approving the franchise’s nonrelocation, lease and development agreements.

With the votes, the majority of the board’s work is done. Now, the Clark County Commission is set to create a sports improvement district to assist with the stadium’s financing. Once the team moves to the Strip in 2028, it’ll be here to stay for 30 years.

“Today’s a real milestone, and I think we should recognize and celebrate that,” said Steve Hill, the board’s chair. “There’s a lot that led up to a legislative session 16 months ago in order to allow this day to even attempt to happen.”

The board also agreed with assessments from U.S. Bank and Goldman Sachs that A’s owner John Fisher and his family have enough financial security to fund the stadium. Even with a new $1.75 billion price tag, $250 million more than earlier estimates, Hill said the Fishers’ “financial capability is multiple of what it’s going to take to build the stadium.

The family will put up a $1.1 billion equity commitment for the stadium while U.S. Bank will provide $300 million in loans.

The bump in price came from increasing construction costs and new stadium features the A’s recently put forward, such as a split lower bowl, “under-seat cooling” and improved player amenities. The franchise wants an “intimate ballpark,” said A’s executive Sandy Dean.

“We believe the seats will be the closest to home plate of any ballpark in the country, measured from the backstop to home plate,” Dean said. “The ballpark will have the second-least amount of foul territory of any ballpark in the country, so seats are going to feel close.”

Nevada and Clark County will still put forward $350 million for the project with any new costs being the Athletics’ responsibility. The board members present unanimously approved each agreement related to the new stadium.

Nevada State Education Association’s Chris Daly, who has long opposed the project with organization Schools Over Stadiums, took issue with today's process.

A majority of people “in Las Vegas oppose the use of public money for the stadium. And you have 13 members — not all here today — but you have 13 members and not a single question,” Daly told the board. “The public deserves better.”

While not naming Daly directly, Board Member Lawrence Weekly responded later by thanking the authority’s staff for briefing the board. Asking so many questions during the meeting wouldn’t be considerate of the public’s time, Weekly said.

Hours before the meeting, the A’s, who will be playing in Sacramento until their move to Las Vegas, signed their biggest contract in franchise history: a three-year, $67 million deal for pitcher Luis Severino. The team spent around $62 million on its entire roster last year.

“John (Fisher) has publicly stated that he’s committed to building a winner here in Las Vegas,” Hill said. “It’s difficult without the revenue that comes from a successful stadium in a successful location to be able to reinvest in the team and he’s committed that he’s going to do that.”

“Signing Severino sounds like a pretty good idea to me,” he joked.