Oakland Raiders Las Vegas NFL Stadium Guaranteed Maximum Price of $1.398 Billion Determined Before Trump Steel Tarriffs
When the Southern Nevada Tourism and Infrastructure Committee of 2016 originally estimated the cost to build the main stadium for the Oakland Raiders planned move to Las Vegas, was $1.325 billion. Then, as the SNTIC hearings progressed, that number went up to $1.350 billion. Today, the contract that announced the “Guaranteed Maximum Price” was: $1,398,900,999.00 (and with a finish date of July 30, 2020, as well as a request not to hold the first two preseason games at the stadium). So, as we speak, the price for the stadium has slowly increased – and that estimate was determined before President Trump announced the steel and aluminum tarifffs.
And the contract for the GMP also says this: WHEREAS Developer and the Joint Venture have entered into a Guaranteed Maximum Price Design-Build Agreement, dated and effective as of February 20, 2017 (together with the schedules, annexes, and exhibits thereto and as the same may be amended from time-to-time, herein called the “Agreement”). You have to understand “ may be amended from time-to-time” means the “Guaranteed Maximum Price” really isn’t that, and can go up even more. And from the looks of this, it will.
I sound this warning: this stadium is rapidly becoming a gathering point for what will be a flurry of lawsuits. If you’re a smart elected official in Las Vegas, you need to back away from this, right now.