Marc Badain: Las Vegas “financing will not be an issue”
Oakland Raiders President Marc Badain reiterated the team’s commitment to Las Vegas at a meeting with the Las Vegas Stadium Authority Board on Thursday.
At a meeting with the Las Vegas Stadium Authority Board on Thursday, Oakland Raiders President Marc Badain doubled down on the team’s commitment to getting a new stadium built in Las Vegas.
Despite the withdrawal of Sheldon Adelson from the situation, as well as without the backing of Goldman Sachs, Badain said in the meeting that “multiple financial institutions” have shown interesting in helping the Raiders build a new stadium in Las Vegas.
“You’d be surprised how many people are interested in funding this project,” Badain said.
Adelson’s commitment towards the proposed $1.9 billion, 65,000-seat domed stadium was $650 million, with the Raiders contributing $500 million and the city of Las Vegas contributing $750 million via a hotel tax.
The Raiders have said they would up their ante to $1.15 billion plus operating costs, but based on what Badain said in the meeting, finding an investor who can match what Adelson was willing to contribute is the team’s goal.
Despite the rough patch that the Vegas stadium deal has gone through recently, Badain said the plan is still “on track” and essentially said that bumps in the road in this industry are to be expected.
“We’re in an industry where we’re used to plugging along, and we’re used to having starts and stops,” Badain said. “Mark Davis made a commitment to Governor Sandoval, and we intend to see that through.”
The Raiders aren’t giving up on Vegas, so even though as of right now the deal seems to be just about dead, it’s worth keeping tabs on until that can officially be said.
A vote, if not delayed, will take place at the end of March.