Raiders to break ground on 65,000-seat stadium in Las Vegas
LAS VEGAS (AP) — After years of planning, dealing and getting millions in public financing approved, the Oakland Raiders will break ground Monday on their new 65,000-seat, domed stadium in Las Vegas.
Contractors will be working under an ambitious timeline as the team wants to kick off the 2020 season at the new stadium.
But the Raiders are yet to reach crucial agreements for the $1.9 billion project and now could lose millions under the tax reform bill proposed by House Republicans.
The stadium's financing plan includes $750 million in publicly issued tax-exempt bonds. The Raiders and the NFL are expected to contribute $500 million, while the team has also secured a $600 million bank loan.
The Raiders' plan to relocate to Las Vegas began when NFL owners shot down their plans to move to Los Angeles.