Would-be Las Vegas soccer stadium developers Cordish Cos. and Findlay Sports & Entertainment have released a feasibility study on the proposed $200 million project … several days after the Las Vegas council was set to vote on the plan. (The council ended up putting it off until October.) Also, the study was dated August 20, which raised some eyebrows on the already eyebrow-raised council:
“Cordish didn’t turn it over to us. The question is why didn’t they?” a frustrated [councilmember Bob] Coffin said of the delay…
City spokesman David Riggleman said the feasibility report was dated Aug. 20, but was received by Mayor Carolyn Goodman and the other six council members on Sunday because Cordish spent all that time scrubbing proprietary information.
Port Telles, development director of The Cordish Cos., said he could not comment because of company policy.
I cannot tell you how much I really really hope this becomes a thing: “I’m sorry, officer, I can’t comment on whether I’ve been drinking. Company policy.” “I wish I could tell you whether I saw that video, but I can’t. Company policy.” Quick, somebody start a cat meme.
Anyway, here’s the study itself, and if you don’t feel like reading all 103 pages, here’s councilmember Bob Beers’ analysis of it, which is pretty long itself. The most damning piece of Beers’ analysis is that the report includes $4 million or so in annual rent payments by the team as part of the stadium’s operating budget (resulting in a roughly $2 million a year projected profit) — though those same rent payments are also being earmarked for repaying part of the city’s stadium construction bonds.
The pro-forma proposes to spend the same $4-million per year two times, once (shown on the pro-forma) for operating expense and profit, and a second time (not shown on the pro-forma) for debt repayment.
I’ve emailed Cordish asking what’s what, but I’m guessing I won’t hear back, what with the company policy and all.