The Las Vegas Stadium Authority approved the final agreements on Thursday that allow the Athletics to build a $1.75 billion stadium on the Strip, bringing Major League Baseball to the growing sports market in Las Vegas.
The lease and non-relocation agreements are for 30 years each.
Steve Hill, CEO of the Las Vegas Convention and Visitors Authority, called the day “a really significant day in Las Vegas” and described it as a major milestone, receiving applause from those in attendance.
Some details are still being worked on, like a development agreement with Clark County, but construction is expected to begin in the spring with plans to open for the 2028 season.
The stadium’s cost has increased by $250 million due to inflation and added features like an under-seat cooling system and a split lower bowl to bring fans closer to the action.
Nevada and Clark County are contributing $380 million in public funds for a stadium that will have a 30,000-seat dome, with a capacity of 33,000. However, public funding won’t kick in until the A’s spend at least $100 million, and the A’s have already invested $40 million.
Club executive Sandy Dean also said team owner John Fisher has raised his family’s investment to $1.1 billion. The A’s are securing a $300 million loan from U.S. Bank and Goldman Sachs. Fisher also plans to seek more investors from Las Vegas and beyond.
Any extra costs will be covered by the A’s. Hill expressed confidence that Fisher’s finances are in order to meet the stadium’s construction costs.
Documents presented to the board showed that the A’s financing is secure, even without additional investors. These include a loan commitment from the banks, confirmation that Fisher can meet his financial pledge, and a review of Fisher’s financial statements confirming that he has enough assets to fund the stadium’s equity portion.
The A’s will play the next three seasons at a minor league ballpark in West Sacramento, California, after finishing their 57 seasons in Oakland.
The LVSA’s decision came shortly after the A’s announced they signed free-agent pitcher Luis Severino to a $67 million, three-year contract, the largest in the club’s history.
This stadium would add another professional team to the Las Vegas sports market, joining the NFL’s Raiders, NHL’s Golden Knights, and WNBA’s Aces. The Golden Knights and Aces have recently won three championships combined.
