Nevada approves $750 million plan for Las Vegas Raiders stadium

Davis has not only pledged to move the Raiders to the city, but put $500 million into the facility that would house the team. Electronic billboards along the interstate urged people to “hold politicians accountable” on the stadium deal and recommended the hashtag “Don’t Screw This Up NV”.

The Southern Nevada Tourism Infrastructure Committee announced the funding approval Thursday on the campus of UNLV, according to the Associated Press.

“We are excited and thanks to the committee”, Raiders owner Mark Davis said to USA Today in a text message.

If the deal is approved, the proposal would go to Gov. Brian Sandoval.

“Despite having by far the league’s lowest revenue, the Raiders shot up 47 percent in value from past year because they are on a path towards a new stadium in Las Vegas, Oakland, or Los Angeles as a tenant with the Rams”, Forbes wrote. Proponents still need to win over the governor, the Legislature and three-quarters of NFL owners to make the project a reality, but it’s a significant milestone for a city that’s never had a professional football team and has been hammering out the particulars of the Raiders deal for months.

The Raiders, Majestic Realty and the family of Las Vegas Sands Corp.

The committee unanimously voted to approve an agreement that would require a non-negotiable $750 million contribution from the public. Officials with the Las Vegas Sands, Adelson’s company, said they don’t want to return any profits to the public because they’d be making little or no money on the stadium. They made it clear that public financing was not going to be part of the construction and infrastructure costs. Chairman and CEO Sheldon Adelson would provide the balance of the funding with private dollars, as well as cover any cost overruns.

The governor could call a special legislative session to consider the proposal.

The next step in the process, if approved by Nevada governor Brian Sandoval and state legislature, would be to get approval from the National Football League owners in order for the Raiders to move to Las Vegas.