Vegas Arena Proposals Roll

Las Vegas officials are considering four proposals for a new sports arena that could cost as much as $750 million, including a public financing component.

Presentations made to Clark County, Nev., commissioners May 18 were referred to staff for analysis of impacts, including a possible advisory vote on the issue.

Some commissioners were skeptical of including public financing for an arena that would likely compete with privately built arenas at the MGM Grand and Mandalay Bay resorts, according to the Las Vegas Review-Journal.

“If they want to privately fund it, then get them to do that,” Bill Hornbuckle, MGM’s chief marketing officer, said. “Taxpayers shouldn’t be asked to flip the bill and assume the risk when a private entity is the beneficiary.”

But some commissioners, including Tom Collins, seem willing to support such a proposal. “I am willing as an elected leader … and would consider and support some sort of public funding,” Collins was quoted as saying. “I didn’t feel that way a few months ago.”

All four proposals include 20,000-plus seats and would be suitable for hosting professional sports teams and events such as rodeo. Texas-based IDM pitched a $750 million venue on a site off Sahara Avenue. The non-profit Las Vegas Arena Foundation is proposing a $488 million arena on property owned by Harrah’s Entertainment, and includes AEG as a potential facility manager.

Local developer Garry Goett proposes a $600 million arena on 260 acres he reportly owns south of the Strip, and Cordish Cos. has proposed a venue downtown.

Public financing proposals include bond issues and resort corridor sales taxes. IDM’s proposal requires the resurrection of a moribund redevelopment district.

The Arena Foundation and Goett both plan to put an advisory question, which must be approved by the commission by July 19, on the November ballot to gauge support of Las Vegas residents.

In the meantime, commission staff will review the legality of establishing separate incremental tax districts for funding an arena project, perform a projection of revenue bonds and analyze the impact on the University of Nevada, Las Vegas, including loss of major events at its Thomas & Mack Center.