We now have a hint of how Sheldon Adelson’s “public-private partnership” for a Las Vegas football stadium would work, and it’d probably be better called a “public-public-private partnership,” or maybe a “public-private partnership”:
A domed stadium proposed for the University of Nevada, Las Vegas football team has a price tag of $1.2 billion, and developers would seek $780 million in public financing, according to a document provided by Las Vegas Sands Corp., which is leading a consortium behind the project.
Private investors would contribute $420 million toward the planned 65,000-seat stadium, with various tourist-driven tax sources — commercial conveyance on taxicabs, rental car taxes or hotel room taxes — providing the bulk of the funding.
This is more or less the same funding scheme put forward by UNLV two years ago, except that the stadium price tag has gone up by $300 million since then, so the subsidy demand has as well. Putting in $780 million in tax money would be a stupendous amount of public cash — depending on how you count and whether the stadium would also get property tax breaks (probably), it could end up the most expensive public subsidy ever for a football stadium.
Of course, Adelson’s casino company also provided numbers to justify how this would be a great thing for Clark County to spend money on, telling the newspaper that Adelson owns that “the domed stadium would provide $600 million to $800 million in total annual economic benefit,” which is even more than consultant Convention, Sports and Leisure estimated two years ago.
But, you know, inflation or something. Or maybe just the fact that an extra $300 million in cost means you need an extra $300 million in economic benefit to make it still look good, But surely a consultant owned by the Dallas Cowboys and New York Yankees would never reverse-engineer figures like that, right?