{"id":1209,"date":"2024-11-04T16:15:26","date_gmt":"2024-11-04T17:15:26","guid":{"rendered":"http:\/\/buckinghamshire-removals.co.uk\/?p=1209"},"modified":"2024-11-07T14:20:33","modified_gmt":"2024-11-07T14:20:33","slug":"as-owner-pledges-1b-to-build-vegas-stadium-still-wont-show-us-the-money","status":"publish","type":"post","link":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/2024\/11\/04\/as-owner-pledges-1b-to-build-vegas-stadium-still-wont-show-us-the-money\/","title":{"rendered":"A\u2019s Owner Pledges $1B to Build Vegas Stadium, Still Won\u2019t Show Us the Money"},"content":{"rendered":"

Last week, Athletics executive Sandy Dean claimed that team owner John Fisher and his family will invest $1 billion into constructing the promised $1.5 billion A\u2019s stadium on the Las Vegas Strip. However, no money has left any bank accounts yet.<\/p>\n

\"\"
The A’s claim that owner John Fisher will invest $1 billion of his own money into building a Las Vegas stadium for his team. (Image: ChatGPT)<\/figcaption><\/figure>\n

According to Dean, who spoke to a special meeting of the Las Vegas Stadium Authority board, four letters will be presented at the board’s next meeting on December 5:<\/p>\n

    \n
  1. A letter from John Fisher committing the Fisher family to invest $1 billion<\/li>\n
  2. A letter from Goldman Sachs and US Bank committing $300 million for a construction loan<\/li>\n
  3. A letter from US Bank confirming its review of the Fisher family finances and SEC filings and concluding that the family has the ability to pay<\/li>\n
  4. A letter from Athletics StadCo, an LLC created to manage the stadium\u2019s private capital investment, stating the letters from debt and equity financiers are sufficient to move forward with the stadium<\/li>\n<\/ol>\n

    Final approvals are expected to be made at that meeting.<\/p>\n

    \u201cWe feel like these documents are on track for the schedule that we have been talking about for a number of months,\u201d said Steve Hill, chair of the Stadium Authority and president and CEO of the Las Vegas Convention and Visitors Authority (LVCVA). \u201cWe feel like there\u2019s a real possibility we\u2019ll be able to reach a conclusion on all of them on December 5.\u201d<\/p>\n

    \n

    According to the A\u2019s, construction will begin in the spring and finish before the opening of the 2028 MLB season. As much as $380 million in public funding will go into building the 33K-person capacity stadium, which will stand on the Las Vegas Strip in the vacant lot formerly occupied by the recently demolished Tropicana.<\/p>\n<\/div>\n

    At least that\u2019s according to the A\u2019s, the Las Vegas Stadium Authority, and Bally’s Corp., which claims it plans to build a casino resort adjacent to the stadium.<\/a><\/p>\n

    According to many industry observers, however, this latest development is no more than smoke and mirrors.<\/p>\n

    Kicking the Ball Down the Road<\/h2>\n
    \"\"
    A rendering from the A’s and Bally’s shows the stadium and casino resort complex. Bally’s almost immediately distanced itself from the rendering, however, calling it an “initial massing diagram.” (A’s and Bally’s)<\/figcaption><\/figure>\n

    \u201cThese feel more like stall tactics than steps forward,\u201d wrote Jason Burke of Sports Illustrated.<\/em> \u201cNothing has actually happened yet, and when the letters are presented in December, nothing will happen then, either.\u201d<\/p>\n

    \u201cThese are concepts of plans for funding,\u201d echoed Casino.org<\/em>\u2019s own Vital Vegas.<\/a> <\/em>\u201cThe question all this keeps coming back to isn\u2019t \u2018Where can a billionaire find a billion dollars?\u2019 but rather \u2018Is the Fisher family ready to throw a billion dollars of its own money down a stadium hole?\u2019\u201d<\/strong><\/p>\n

    The issue is that Fisher putting $1 billion of his own money into the project makes little sense since the investment is too risky. Among the many reasons for this risk are:<\/p>\n

      \n
    1. Overrunning the $1.5 billion estimate is an inevitability that even the A\u2019s admit<\/li>\n
    2. Bally’s hotel towers situated so close to Harry Reid International Airport will be severely height-restricted and, therefore, severely revenue-restricted<\/li>\n
    3. That’s if<\/em> Bally’s even has the capital to build a casino resort there<\/li>\n
    4. Nine acres isn\u2019t enough room for a baseball stadium<\/li>\n
    5. One of the worst teams in Major League Baseball, which drew an average 6,400 spectators per game in its final season in Oakland, cannot possibly draw anywhere near the stadium’s 33K capacity<\/li>\n<\/ol>\n

      Indeed, Dean also said at that meeting that Fisher is still pursuing outside partners who can purchase stakes in the franchise.<\/p>\n

      The New York Post<\/em> reported last week that the stakes up for grabs amount to 25% of the team for an amount that values the franchise at $2 billion, a ridiculous 66% more than its most recent valuation of $1.2 billion.<\/p>\n

      \u201cJohn Fisher can have as many promises or pledges or \u2018binding agreements\u2019 as he wants,\u201d Burke wrote, \u201cbut given his track record, it’s incredibly difficult to take what they’re saying as completely truthful.\u201d<\/p>\n

      The post A’s Owner Pledges $1B to Build Vegas Stadium, Still Won’t Show Us the Money<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Last week, Athletics executive Sandy Dean claimed that team owner John Fisher and his family will invest $1 billion into constructing the promised $1.5 billion A\u2019s stadium on the Las Vegas Strip. However, no money has left any bank accounts yet. The A’s claim that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1209"}],"collection":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1209"}],"version-history":[{"count":1,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1209\/revisions"}],"predecessor-version":[{"id":1210,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1209\/revisions\/1210"}],"wp:attachment":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1209"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}