$2 Billion NFL Raiders Stadium to be Finished in Q3 2020
The NFL Raiders is moving to Las Vegas and will play its 2020 season in the new $2 billion stadium, following the arrival of the Golden Knights of the NHL, and the Aces of the W.N.B.A. For years, Las Vegas was thought to be too small and too transient to support sports teams, even though boxing, mixed martial arts, and other big sporting events have drawn crowds here for decades.
But that has changed as the city has grown and its economy has become less centered on gambling with more family-oriented tourism and, increasingly, technology companies. After long shunning Sin City, the N.F.L. two years ago gave the Raiders the green light to move here from Oakland.
The target date for the new stadium’s completion is July 31 2020, In December 2019, Las Vegas Stadium Authority status report indicated there had been no delays in construction.
According to confirmed pricing of seat licenses, the 65,000 seats stadium will generate at least $160 million of annual revenue just from NFL games.
Not only football, the stadium authority is targeting to host many other major events, such as the concerts, international soccer matches, and the Super Bowl for final goal, which can easily generate over $1 billion of economy impact.
In August 2019, discount airline Allegiant announced its naming rights partnership with the stadium, the deal is reportedly valued between $20 and $30 million a year for 30 years. Even the airline executives admit it was an aggressive move for the company, but considering the upward momentum of Las Vegas, plus national, even international attention draw by the stadium, it is necessary for the company to “follow the trend”.
US No.1 Sport Impact
As the No.1 sport of US, impact from a major league football team is magnificent. According to the Nevada government, the annual economic impact created by the stadium and move of Raiders is estimated to exceed $620 million, draws over 450,000 of new visitors, adding 708,000 more hotel room nights, over 25,000 new jobs.
The Raiders impending move to Las Vegas is already providing an economic boost to the area according to the head of the Las Vegas Global Economic Alliance. The LVGEA is the public-private partnership dedicated to developing the region’s economies. The organization does that through regional cooperation, global trade, and overall global connectivity.
Jonas Peterson, president and CEO of the LVGEA, appearing on Silver and Black Today on CBS Sports Radio in Las Vegas, said the Las Vegas valley is benefiting already from being chosen as the future home to one of the most storied franchises in all of sports.
“The NFL is a conversation that everybody can relate to,” Peterson said. “There is a connection with becoming a globally recognized city and having an NFL team. It’s a conversation starter, a branding opportunity and a coming of age for our community.”
As Peterson and the LVGEA work to lure companies to Southern Nevada, he says those companies choosing to come here ask him and his team about it and cite it as one of the reasons to be excited to be in Las Vegas.
The Sin City has Changed
The days of Las Vegas being a casino-first town are long gone. The Sin City is evolving.
The Las Vegas Convention and Visitors Authority (LVCVA) reveals just seven percent of 2018 visitors said their primary purpose for being in Las Vegas was to gamble. Vacation/pleasure topped the list at 45 percent, and seeing friends and relatives next at 17 percent. Gaming was fourth after No. 3, “passing through.”
The percentage will keep changing. Sport sector is growing. While it may be only the 40th-largest media market in the U.S. with a metro population just over 2 million, it’s a sports economy on the rise. There is the success of the Golden Knights, the strong early business around the Raiders, the established UFC, as well as USL Lights, WNBA Aces, NBA Summer League, two NASCAR Monster Energy Cup races, the Rugby Sevens and many other events. The sports are drawing tremendous traffic to the city. Sports fans come specifically to attend the game, create another booster for this fast growing economy.
“The Raiders coming is sort of a game-changer,” According to the UFC vice president Lawrence Epstein. “Las Vegas is a global brand, and I know one of the reasons why the Golden Knights got an expansion franchise, why the Raiders got approved to come here, is because Las Vegas is an incredible platform to build brands. The NFL, the NHL, and I think the NBA ultimately, we’ve seen it’s a tremendous platform to build your brand and expose it to a much larger audience than sports typically expose themselves to.”