Raiders hold ground-breaking ceremony on $1.9B Vegas stadium
Raiders owner Mark Davis
LAS VEGAS (AP) - The Oakland Raiders are breaking ground on their new 65,000-seat domed stadium in Las Vegas. Contractors will be working under an ambitious timeline as the team wants to kick off the 2020 season at the new stadium. But the Raiders have yet to reach crucial agreements for the $1.9 billion project and now could lose millions under the tax reform bill proposed by House Republicans.
In true Vegas fashion, the event turned into a show with comedian George Lopez as master of ceremonies.
Raiders owner Mark Davis acknowledged last month's shooting massacre and said they're proud of joining the city.
The stadium will be located across the highway from the Las Vegas Strip.
Groundbreaking has been a long-time coming for Davis, who for years has tried to get a brand new stadium built. Oakland was willing to build, but the city said it would not use any public funds to do so.
The city of Las Vegas and NFL owners approved the move in March. The city will use $750 million in public funds to make the stadium a reality.
The Raiders and NFL are expected to contribute $500 million and the team has secured a $600 million loan from Bank of America.
The president and co-founder of Save Oakland Sports is keeping hope alive, saying the team till has challenges to overcome before they move. He notes the Republican tax plan introduced in Congress would end tax-exempt status for professional sports team stadiums.