LAS VEGAS STRIP MASS SHOOTING: Latest Updates; How You Can Help

No Rent for Raiders at Las Vegas Stadium

LAS VEGAS (AP) — The Oakland Raiders would not pay rent at the proposed stadium they want to use in Las Vegas.

A draft of a lease agreement calling for no rent was unveiled during a Thursday gathering of the public entity overseeing the proposed $1.9 billion project.

Las Vegas Stadium Authority board chairman Steve Hill has said the entity, which would own the stadium, cannot receive any revenue because it could cause bonds for the project to lose their tax-exempt status.

A previous version of the lease agreement called for a $1 annual rent.

The Raiders paid $3.5 million in rent to play at Oakland-Alameda County Coliseum in 2016, up from $925,000 for the 2015 season.

NFL league owners approved the Raiders relocation last month. Raiders president Marc Badain says the Raiders have received thousands of deposits for personal seat licenses. Guests of hotels and other lodging facilities in the Las Vegas area are covering $750 million of the $1.9 billion project through a room tax increase.

Badain also said the team will announce its third-day draft picks from the “Welcome to Las Vegas” sign next week.

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Las Vegas

Introducing Your New Podcast Network Play.it
New CBS Local Sports

Listen Live