Nevada Governor Joe Lombardo and MLB's Oakland Athletics have just signed a tentative relocation proposal. This initiative is to raise about $380 million through state tax support to build a new stadium that could have a final price tag of $1.5 billion.
Earlier this month, the team signed a contract with Bally's Corporation to secure a 35-acre site for the Tropicana Hotel for the construction of a 30,000-seat venue. The remaining unused acreage on the site will potentially be used by Bally's Corporation to build a hotel and casino, pursuant to their option.
Confirmation of the specific percentage of public funds that will contribute to the stadium's construction costs has not yet been determined, although the agreement states that it will be under 25%. Nevada Treasurer Zach Conine also mentioned investment in improving security measures at all MLB stadiums as part of the project.
Lombardo stated that after months of negotiations between the state, the county and the A's, an agreement has been reached that allows Nevada to expand its professional sports infrastructure, a fantastic prospect. He expressed his belief that Las Vegas is undeniably a sports hub and that Major League Baseball should absolutely get in on the action.
Esteury = Rapidity 👀#LosAtléticos pic.twitter.com/5skpyEg9dq
- Oakland Athletics (@atleticos) May 24, 2023
Lawmakers in Nevada are expected to have less than two weeks to consider a bill that will be introduced soon in their legislature, according to an agreement. The bill is scheduled to be voted on by the state Legislature and Senate, but if they cannot pass it by June 5, a special legislative session may be needed.
After an extensive search for a new location to replace their current location at the Oakland Coliseum, which had been their home since 1968, the Athletics have decided to move to Las Vegas. An area near the Oakland waterfront was previously considered, but ultimately, they opted to move to Nevada.
The relocation of the franchise has not been approved by MLB, however, Commissioner Rob Manfred has conveyed his support for the relocation.
Moving closer to a move to Las Vegas hinges on lawmakers coming up with a stadium plan they have long wanted, despite a tentative agreement. Public funding of $380 million falls short of the $750 million the NFL's Las Vegas Raiders franchise received for its new stadium.
If the proposal does not get the green light, the Athletics will face a situation that could jeopardize their access to a share of MLB profits, as they require a lease for a new stadium through 2024. With the smaller fan base by comparison, the financial loss would be catastrophic.
If nothing changes and the project continues on its current path, the A's could have a new home sometime in 2027. However, it is unlikely to take place before the start of that year's season.
