NFL Meeting: Zennie Tells John Clayton Oakland Raiders Las Vegas Deal Vulnerable To Terrorist Attack
On March 25th 2017 and on the way To 2017 NFL Meeting Zennie Abraham Tells John Clayton Oakland Raiders Las Vegas Stadium Deal Vulnerable To Terrorist Attack.
In the wake of the tragic Las Vegas Mass Shooting, a number of Zennie62 fans reminded me that I said the Oakland Raiders Las Vegas Stadium deal was in danger of being harmed by just such an event, and asked me to find the video where I said that. So, I did.
I said it to my friend ESPN’s John Clayton, who I wound up taking the same United Airlines flight from San Francisco to Phoenix for the 2017 NFL Annual Meeting. The problem with the economic structure of the Raiders Las Vegas Stadium deal is that it depends on tourists buying 45 percent of ticket sales.
That, plus a thin bond debt coverage ratio where the hotel tax is designed to take in only 1.5 times the total bond proceeds of $750 million, rather than 2 times that mark, makes the deal a candidate for bond default – the only way to avoid that would be to dip into Clark County Nevada’s General Fund to cover the shortfall.
Now, and much earlier than I predicted, here we have a problem where the stadium hotel tax revenue will most certainly be harmed because of a downturn in tourism after the very sad Las Vegas Mass Shooting.
The one way to repair the deal is for the major casino companies to step in and cover the Raiders costs for off-site transportation infrastructure and parking, and costs overruns – because Bank of America has said it would not do that.
Stay tuned, and …
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