The Clark County Commission approved a special tax district yesterday to help fund a new Athletics stadium in Las Vegas. This means that … well, what exactly does this mean? Let’s recap the story so far:
- In June of 2023, the Nevada state legislature approved $600 million worth of public subsidies toward a stadium on the Las Vegas strip. (It would not actually be in the city of Las Vegas proper, because that’s how Las Vegas rolls.) Part of the bill included the county kicking back all sales, income, ticket, liquor, and property taxes from the stadium site to pay off $120 million in stadium bonds plus $25 million for infrastructure and public services.
- For the last 22 months, the county commission just kind of hung out without approving the actual creation of the tax district, but now it has done so.
- The tax-kickback district — really a tax-kickover, since these taxes never belonged to the team in the first place — would be “a special section around the stadium covering about nine acres,” according to KSNV-TV, though given that the stadium itself is only nine acres, we’re basically just talking about the stadium itself here. If the taxes generated in the stadium aren’t enough to cover the county’s cost, the $145 million will be taken out of the general fund.
In terms of actually providing more money for the A’s Vegas vaporarmadillo, then, this does absolutely nothing: The action by the county just confirms part of the $600 million in subsidies that were already approved by the state. Commissioners didn’t throw up an additional roadblock by denying or delaying the TIF district, sure, but nobody ever expected them to.
So we’re back where we were last week, and last month, and last year: A’s owner John Fisher has a stadium plan that would cost at least $1.75 billion (tariff surcharges not included), and has in hand a commitment for $600 million in public money, and his family has a couple of billion dollars that he could maybe tap part of if he can convince them it’s a good idea to spend it on a tiny dome in a tiny media market, and he’s trying to sell shares in the team at inflated prices to raise more cash. Whether the vibes here feel more like “full speed ahead” or “Fyre Festival 2.0” will be left as an exercise for the reader.