If it’s really true that “what happens in Vegas stays in Vegas”, then the Raiders have found a permanent home, once and for all. The team has played in Oakland, Los Angeles, back in Oakland and now Sin City.
The vote to approve the move took place back on 3/27/17 during the team owners’ annual meeting in Phoenix. Only one owner voted against the move, which passed 31-1.
This was actually a long time coming, though, as the team’s owners have been hoping to move out of Oakland – their longtime home – for the past two years. Originally, the team had hoped to move back to Los Angeles, but they lost this bid.
The city of Oakland tried to pass legislation to build a new stadium in order to keep the team, but this last-ditch effort also failed.
The Second of Two Professional Teams
Keep in mind that the Vegas Golden Knights will begin playing hockey there this year, as well. The city is literally going to go from no professional sports to two franchises – one with an established history – in one year.
What Will This Mean for Business?
At this point, it’s hard to imagine Las Vegas producing any more money than it already does, but the Raiders’ arrival could prove to be a real boon.
While the city has long been seen as a “playground for adults,” it could be argued that adult males don’t have nearly as many attractions focused on them. This will definitely change that and may convince more men to make a trip they may have otherwise been putting off.
You also have to consider the profits that hotels, casinos and restaurants will enjoy from the fan base of visiting teams. Every time the Raiders have a game, the fans of their opponents will consider flying in to watch the game.
Flying to Vegas is definitely going to be much more affordable than doing the same to watch a game in California, so past numbers are most likely going to be far below what the Raiders will now see.
Of course, part of this is because of the other attractions featured in Sin City. Affordable flights and hotels will both help bring in huge crowds.
The Costs of Brining the Raiders to Las Vegas
At the same time, you can’t bring in an NFL team without taking on some costs, too. The biggest one is going to be the stadium, which taxpayers are going to pay for to the tune of $750 million. This will be the largest public subsidiary any American sports stadium has ever received.
It’s tough to say how much of that investment will pay off and, if it does, how quickly that will happen.
While we’re still a long way from the first kickoff for the Las Vegas Raiders, the move is official and the city’s already celebrating. Even with the hundreds of millions it will take to build the team’s stadium, there are many reasons to welcome the new team for how it will stimulate the economy.
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