Las Vegas Stadium Update: Average price of PSLs around $4000.
The Las Vegas Stadium Authority (LVSA) had a meeting today at 1 pm. At that meeting, one of the things Marc Badain said was that by doing the math the expected personal seat license (PSLs) costs would be around $4,000. The simple math being $250 million dollar sales goal, divided by 65,000 seats. That comes out to $3850 rounded.
The reality will be more along the lines of the new Mercedes-Benz Stadium in Atlanta. The average PSL for non-club seats was approximately $2800. Also, the average club seat was around $21.5k. So Raiders fans should expect similar numbers for both club and non-club pricing for PSLs. It is also expected that there will be some form of financing available for fans that could go from 5 to 15 years in length. Again these are estimates, and unofficial.
PSLs were only a small portion of today’s LVSA meeting though.
First up was Stan Washington, author of the bogus flyer and the same person who allegedly attempted to extort the Raiders for millions. He was more subdued this time; however, he still tried to push that the community benefits plan was meant for a particular segment of the local population. It does not. It is meant for everyone local to have the same equal opportunity to benefit from the project.
Afterwards, Gubernatorial Candidate and current Clark County Commissioner Chairman Steve Sisolak showed a booklet, provided to him by the Raiders, that showed all the community involvement the Raiders have done. From Make a Wish, to working with children, the Raiders bring a lot to a community. As Mark Davis said last year, “The Raiders work in the community 365 days a year.”
Chairman Steve Hill said that there was good progress on the community benefits plan. He also went on to say that that plan will be addressed at the September 14th meeting.
Also briefly discussed was the Clark County development agreement. That agreement is not expected to be ready until the October 12th meeting because of the FAA report. The FAA believes that the 225 ft stadium will not interfere with civilian or military flights; however, the public comment phase on the permit will not close until September 22nd.
UNLV and Raiders have consensus on many items.
UNLV President Len Jessup wrote a letter to the LVSA board that was read into the record today. In that letter, he said that the Raiders and UNLV have made “Great Strides” in their on going lease agreement negotiations. Mick Akers, of the Las Vegas Sun, was kind enough to Tweet out the letter.
— Mick Akers (@mickakers) August 17, 2017
This agreement is expected to be finalized by the October 12th meeting as well.
Chairman Hill also touched on what would happen with excess hotel tax collected for the stadium, as taxes have once again exceeded those expectations. I explained that in detail in this article.
Raiders President Marc Badain and his team took the podium.
Besides discussing the PSL prices, Raiders President Marc Badain also discussed a partnership with the LVSA to bid on the 2026 World Cup. As well as, working with the NFL to bring Superbowls to Las Vegas. Another thing he spoke to was asking for patience with the parking situation and reminded everyone that it is a top priority for Owner Mark Davis.
Stadium designer Manica then went over the sleek design. They talked about how the roof will be “Tinted Pillows.” Yes, the Raiders will play on the “Cooler Side.” Thank you, Stuart Scott, for that phrase.
“Raiders want to play on a First Class, All Grass, Field.”
The all grass field will actually be one piece, and four feet deep. It will even include the drainage. All that will be grown outside and rolled in.
Bank of America Representative Elliot McCabe spoke publicly about the Raiders financial obligations to the project.
Bank of America representative Elliot McCabe explained many aspects of the financial loan the Raiders are taking with them. He said confidently that the Raiders expected revenue more than doubled the cost of their total debt obligations. Mr. McCabe also felt that the Raiders had put together a project team that would be successful and that the “alignment of interest” was another compelling factor.
Market data and demographics more than “Passed muster” according to McCabe. He also spoke to both the NFL Brand and Raiders brand, and the stability of both of them lead Bank of America to secure their loan. Everything financial was considered from the Relocation Fee to the NFL G4 loan. McCabe stressed confidence in the project and the community.
Las Vegas Stadium project still on schedule.
Nothing was said during today’s meeting to suggest a delay in the stadium project which is scheduled for a November ground breaking. Every document needed to be completed for the final LVSA approval has been drafted at the very least. Chairman Hill said yesterday that they had two months of work to get done in two months. It is certainly a tight schedule, but everything appears to be on track.
The next Las Vegas Stadium Authority meeting will be on September 14th.