Las Vegas Takes a Giant Step Toward Becoming MLB’s Newest Home
LAS VEGAS — The city that never sleeps just got one step closer to adding another major sports team to its growing roster. On Thursday, the Las Vegas Stadium Authority (LVSA) approved lease, non-relocation, and development documents, clearing the final major hurdles for the Oakland Athletics to build a $1.75 billion stadium on the iconic Las Vegas Strip. This move paves the way for Major League Baseball to officially plant its flag in the entertainment capital of the world.
The agreements, which include a 30-year lease and non-relocation terms, mark a monumental moment for both the A’s and the city of Las Vegas. Steve Hill, CEO and president of the Las Vegas Convention and Visitors Authority, summed up the significance of the day in his closing remarks: “It’s a really significant day in Las Vegas. Today’s a real milestone. I think we should recognize that and celebrate that.” His words were met with applause from most of those in attendance, underscoring the excitement surrounding this historic development.
A New Era for the Athletics
For the Athletics, this is more than just a move—it’s a fresh start. “It’s really an exciting day for the A’s,” said team board member Sandy Dean. “We’re grateful to everybody that helped us be here today.” While there are still a few details to iron out, such as a development agreement with Clark County, the team is optimistic that groundbreaking will begin in the spring. This timeline would allow the stadium to open in time for the 2028 MLB season.
Dean noted that discussions with Clark County are still in the early stages but expressed confidence in the county’s cooperation. “Clark County has been very receptive to our timeline,” he said.
Rising Costs and Big Investments
Building a state-of-the-art stadium doesn’t come cheap, and the A’s are feeling the pinch of inflation. The cost of the stadium has risen by $250 million, bringing the total to $1.75 billion. The additional expenses are attributed to inflation and the inclusion of fan and player amenities, such as an under-seat cooling system and a split lower bowl designed to bring fans closer to the action. Dean acknowledged the possibility of further cost increases, citing factors like fluctuating interest rates. “But we’re also going to do our best to create a great ballpark and manage the costs the best we can,” he added.
Despite the rising costs, the A’s are committed to delivering a world-class facility. “The A’s are committed to the premier world-class stadium that is outlined in the law. They know that is what Las Vegas needs,” Hill said during the meeting.
How the Financing Breaks Down
The financial plan for the stadium is a mix of public and private funding. Nevada and Clark County are contributing $380 million in public funds, but this money won’t be released until the A’s have spent at least $100 million. According to Dean, the organization has already invested $40 million. On the private side, team owner John Fisher has increased his family’s financial commitment to $1.1 billion. Additionally, U.S. Bank and Goldman Sachs are stepping in with a $300 million loan. Fisher is also seeking investors in Las Vegas and beyond to purchase equity in the team.
“Any overages are the responsibility of the A’s,” Hill emphasized during the board meeting. He also expressed full confidence in Fisher’s ability to meet the financial obligations, noting that the team has the resources to cover its share of the construction costs.
Proof of Financial Stability
To reassure the LVSA, four key documents were presented during the board meeting:
- A loan commitment from U.S. Bank and Goldman Sachs.
- Statements confirming that Fisher and his family have the financial means to fulfill their pledge.
- A U.S. Bank review of Fisher’s finances, which verified that he has “assets more than sufficient to fund the equity portion” of the stadium’s construction.
- Commitments to Athletics StadCo LLC, the entity managing the private capital investment.
Steve Vogel, who oversees U.S. Bank’s sports investments, backed up these claims, stating that an analysis of Fisher’s brokerage statements, SEC filings, and other documents confirmed his financial stability.
What’s Next for the A’s?
While the new stadium is under construction, the A’s will play their home games at a minor league ballpark in West Sacramento, California, for at least the next three seasons. This comes after the team bid farewell to Oakland, where they played for 57 seasons. The move to Las Vegas represents a significant shift for the franchise, but it’s one that aligns with the city’s growing reputation as a sports hub.
In addition to the stadium news, the A’s made headlines by reportedly signing free-agent pitcher Luis Severino to a $67 million, three-year contract. This deal is the richest in club history and signals the team’s commitment to building a competitive roster as they prepare for their new chapter in Las Vegas.
Las Vegas: A Sports Powerhouse
With the addition of the A’s, Las Vegas will boast an impressive lineup of professional sports teams, including the NFL’s Raiders, the NHL’s Golden Knights, and the WNBA’s Aces. The Golden Knights and Aces have already brought home three championships in recent years, and the A’s will look to add to that legacy.
As the city continues to expand its sports market, one thing is clear: Las Vegas is no longer just a destination for entertainment and gambling—it’s becoming a major player in the world of professional sports.
Originally Written by: Associated Press
