What Would the Las Vegas Raiders NFL Team Mean For Las Vegas?
There’s been a whole lot of noise lately about the Las Vegas Raiders moving to Las Vegas. It is finally official that Las Vegas will be home to two professional sports teams, the new Golden Knights Hockey Team and now a professional football team as well! As ground broke last November 2017, so did the support for this team in the area.
The NFL owners have approved the relocation of the Oakland Raiders to Las Vegas Raiders after a 31-1 vote. The NFL vote sets a number of things in motion, including building a $1.9 billion domed stadium close to the Las Vegas Strip. Support erupted all over the city for the newly relocated Las Vegas Raiders Soon after it became official!
The team has already left its home city once before. Fans believed the Raiders’ return to Oakland back in 1995 meant the NFL team was there for good. However, Oakland is being abandoned once again. They played in Los Angeles from 1982 to 1994.
The stadium expects to host between 30 and 62 events a year, such as UNLV, concerts, soccer and motorsports. The stadium could also give great options for event promoters and have a bigger draw for the city.
According to the projections the 65,000-seat stadium would bring around 520,000 more visitors, that otherwise wouldn’t travel to Las Vegas; having a positive financial impact on revenue for the city.
What really is the impact of a professional sports team relocating?
The Las Vegas NFL football stadium has been suggested by billionaire Sheldon Adelson and Oakland Raiders owner Mark Davis and is expected to create a substantial influx of new visitors to Sin City. This additional attraction also expects to create jobs for the city.
Applied Analysis considers that hundreds of thousands of new visitors will not only attend their sporting event or concert at the stadium, but will also spend money on dining, gaming, shopping, and entertainment as well as on lodging accommodations. The total spending will have an economic output of $620 million each year.
Jeremy Aguero, the principal analyst from Applied Analysis considers that “It’s a community benefit” that “creates another reason for people to visit.” And in some cases, may invite people another reason to relocate to Las Vegas.
There are other economic effects that go beyond just the stadium. The stadium project also expects to affect the city’s construction industry. Land and real estate prices inevitably increase in value around the area when a new football stadium is built. Just like other cities around the country.
If companies or people are weighing whether or not they should move to Southern Nevada, the recent sporting acquisitions could convince them. Companies or people will be making the leap into indicated economic strength.
How has a team move affected other parts of the country?
Let’s make a short comparison to what has happened at Candlestick Park, San Francisco 49ers’ previous home. When the 49ers built a new stadium, a massive redevelopment opportunity took place. The total number of housing units being built raised by 2,214 units, while the commercial space increased by more than more than 1 million square feet. This mixed-use development has definitely been an advantage for the local economy.
It is also important to remember that housing prices are a reflection of the region’s economy. The stadium groundbreaking has already spurred higher demand for housing to house the workers building the stadium. Soon enough real estate investors of all walks will start to see an increase in activity due to the increased lodging needs & demands from visitors.
All Western Mortgage works with and has relationships with several lenders. They offer programs that your retail bank cannot compete with.
As a trusted and experienced home mortgage loan consultant Casey Moseman
is a natural pick. She will guide you through the intricate home loan process. If you are wondering where to start, the best place is a phone call; you may contact her at 702-271-1274