Four applicants yesterday presented their plans for a new Las Vegas sports arena “with competitive zeal, but their enthusiasm drew a guarded response from most” Clark County (NV) commissioners, who “expressed misgivings about publicly financing an arena,” according to Scott Wyland of the LAS VEGAS REVIEW-JOURNAL. Each proposal calls for public funding to build arenas with at least 20,000 seats that “could house professional basketball, hockey, rodeo and other events.” Texas-based IDM Properties proposed a $750M arena “on the former Wet ‘n Wild site off Sahara Avenue,” while Las Vegas Arena Foundation wants to build a $488M arena “on property that Harrah’s Entertainment Inc. owns behind Imperial Palace.” Developer Garry Goett proposed a $600M arena “on 260 acres he owns near Las Vegas Boulevard, south of the Strip.” Commissioners also heard from Cordish Co., which “aims to develop an arena downtown.” The arena foundation and Goett each “want to fund their projects with bonds and a sales tax imposed in the resort corridor,” while IDM Properties President Chris Milam said that his project “would require no new taxes and instead would use redevelopment for its intended purpose: to boost a blighted area.” County commissioners have asked staff members to “research the feasibility and legality of certain proposed methods of funding.” They also “agreed to have staff work with two applicants to craft advisory questions for voters about imposing a sales tax on the resort corridor.” Commissioner Larry Brown believes that the Las Vegas market “isn’t large enough to support a top-tier pro team.” But Commissioner Tom Collins “expressed strong support for publicly funding a sports arena” (LAS VEGAS REVIEW-JOURNAL, 5/19).
RISKY BUSINESS: MGM Mirage CMO Bill Hornbuckle yesterday told county commissioners that the company “is in ‘strong opposition’ of any arena proposal that requires public financing.” Hornbuckle said that MGM “isn’t opposed to having more arenas in the area, but giving one group public financing would be an unfair competitive advantage.” Hornbuckle: “None of the arena proponents today is willing to take the same risk MGM Mirage, Mandalay Resort Group, Boyd Gaming and Coast Casinos made when they built their own permanent arenas using 100 percent privately funded dollars. None of the proponents are willing to build an arena unless the public shoulders the risk” (LAS VEGAS SUN, 5/19).
