Yes, but …
The 24,000-seat, $200 million project just survived a near-death experience at the hands of the Las Vegas City Council. Even the revision of the city’s financial commitment to $50 million wasn’t quite enough to placate councilors opposed to subsidizing Cordish Cos. and partner Findlay Sports & Entertainment. As debate shaped up, it was clear that the council was going to vote to kill the project outright. This inspired Councilman Ricki Barlow to propose punting a final vote until December, giving Cordish et al time to find ways for the City of Las Vegas to pay A) less or B) no money for the stadium. This passed by a vote of six to one.
Council members were clearly not impressed by 11th-hour negotiations by Mayor Carolyn Goodman, who persuaded Cordish and Findlay to lower the amount of civic funds they were seeking from $115 million to $50 million, the money being derived from sales taxes. Private-sector bonds would cover another $65 million of the total cost. (An additional $100 million will be needed to bring an MLS team to Las Vegas.)
Among the non-fans of the project is civic gadfly and Nevada Youth Soccer Association spokeswoman Lisa Mayo-de Riso. She contends that, with room-tax money being drawn down to pay for the stadium, there will be less for youth sports, resulting in higher fees for groups such as NYSA. "Specifically that the funding mechanism includes a reduction of 50 percent of the $6 million that we get from the room tax for parks and recreation," Mayo-de Riso told the local Fox News affiliate. Stadium booster Kristi Glass countered that it was to MLS’ advantage to invest in youth soccer locally. "They build the league up, so that's what builds and fuels their national teams and their professional teams," she argued.
Even so, public funding for a privately held team is a dicey proposition for Las Vegas. Categorize this project as on "hold" until December, when – by the dictates of the term sheet between Cordish, Findlay and Las Vegas – a decision must be rendered.
