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Nevada lawmakers consider state funding for athletics stadium

Nevada lawmakers consider state funding for athletics stadium

 


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That’s the tricky question Nevada lawmakers could answer today, as they decide to offer up to $380 million in public funds to help build a baseball stadium in Las Vegas for athletics.

How we got here: The Aces want to move to Vegas from Oakland, where an embarrassing <9,000 people watch their games in an outdated stadium in East Bay. But, like many other sports clubs over the past few decades, the Aces want relocation assistance: They’re applying for Nevada tax credits and bonds to help foot the bill for their planned $1.5 billion stadium. dollars and 30,000 seats in Vegas.

Whether or not to shell out the money has divided various groups in Nevada, which depends on tourism and entertainment for a disproportionate part of its economy.

  • Business interests, including the influential Culinary Union, say the ballpark could create jobs and entice more tourists to spend on the Strip before and after games. Nevada GOP Gov. Joe Lombardo is also in support.
  • Opponents say the public would benefit more if the $380 million were spent on little more than a baseball stadium for a team owned by the billionaire heir to the Gap founders.

For economists, the debate is settled

Roger Noll, a Stanford professor emeritus of economics who studies stadium financing, told the AP that new sports stadiums generally don’t increase residents’ incomes and there is no contrary view. serious among his colleagues. For the incentives to be justified, Noll said the Las Vegas Athletics would have to attract a large number of people from out the area, something he doesn’t see happening for a baseball team in a city that’s already packed with entertainment options (like the Golden Knights’ Stanley Cup pushFor example).

Big picture: This consensus among economists has not prevented governments from continuing to fund stadiums. In recent years, public funding has been approved for the new homes of the Buffalo Bills and Tennessee Titans, while Nevada has provided $750 million to bring the Raiders from Oakland to Vegas.

Sources

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2/ https://www.morningbrew.com/daily/stories/2023/06/04/nevada-public-financing-athletics-stadium

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