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NEWS 18 October 2016

Governor approves tax increase in Nevada to fund new NFL Stadium

By Nicole Abbott
Last week, at a rally-themed ceremony in UNLV, Republican Gov. Brian Sandoval signed a bill to affirm that $750 million of public money will be contributed to a $1.9 billion Stadium in the city of Las Vegas, which will also be partly funded by NFL, the Raiders, and billionaire casino tycoon Sheldon Adelson.

"Las Vegas is ready for this. Nevada is ready for this," Sandoval said in an interview after the ceremony. "The best brand on the planet is coming together with one of the best brands in professional sports. It is truly one of those situations where 1+1 equals 3."

Many locals are outraged that Las Vegas’ underperforming schools and mental health services will not receive any of these increased public funds. However, the excitement of the new stadium coupled with the Raiders’ likely move to Nevada is expected to create over 14,000 permanent jobs and uphold Sin City’s attraction to tourists, boosting business for local hotels, attractions, and casinos. There is no doubt that Adelson’s investment in the NFL stadium will also benefit his many Las Vegas Sands casinos.

Raiders’ owner Mark Davis appears confident that the team’s move from Oakland to Las Vegas will happen, stating after the ceremony that he has “made a commitment to the governor of Nevada”. However, the two thirds majority of NFL team owners that need to sign off on any franchise move are yet to give their approval.

Whether the move will drastically increase the volume of sports betting in Las Vegas is unclear, but the legalisation of sports gambling in the city has deterred the NFL from establishing links to the city in the past, and may still dissuade the undecided team owners when a final decision must be made.

RELATED TAGS: Legal & Regulatory | Sports Betting | Industry
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