According to a stadium financing expert, the Oakland Athletics’ proposed Las Vegas ballpark has all the ingredients to become a thriving venture. The stadium, planned to be built on at least 9 acres of land at the site of the Tropicana, is expected to draw both local residents and tourists and could mirror the successful models of the NFL’s Raiders and NHL’s Golden Knights.
Alan Hoffman, partner at Winston and Strawn, who has represented various teams in financing their stadiums, including the San Francisco 49ers, highlighted the potential of the Las Vegas market. He emphasized the city’s unique blend of a vibrant tourism industry and a robust local community that has a growing interest in Major League Baseball.
“Drawing upon not just the tourism industry, which of course is phenomenal in Las Vegas, but also the local community. People think of Vegas as this great party town, bachelor parties and everything else… But there is also this broad family-based community that would really love Major League Baseball. You’re really combining the two demographics,” the expert told Las Vegas Review-Journal.
Regarding the stadium’s capacity, the planned 30,000 seats would make it the league’s smallest stadium. However, Hoffman said that this aligns with a recent trend of reducing seating capacity to improve the overall fan experience, offering better sightlines and a more intimate atmosphere. The financing expert also noted that revenue could be made up through luxury boxes and higher-priced food options, which enhance the overall stadium experience.
The planned stadium’s location on Las Vegas Boulevard, with its plethora of entertainment, dining, lodging, and shopping options, makes it unnecessary to build any ancillary development along with the stadium, noted Hoffman. While other teams have adopted a trend of building neighborhoods with mixed-use development around their stadiums, this may not be essential in Las Vegas due to the surrounding options.
Rendering of the A's proposed ballpark in Vegas
Hoffman explained: “In Las Vegas, you don’t need it. Las Vegas has the best hotels, and phenomenal restaurants, people spend a lot of money to come there and visit. So it’s less of a critical factor.”
The Oakland Athletics have secured up to $380 million in public financing for the proposed $1.5 billion stadium. However, the team still needs approval from Major League Baseball to relocate from Northern California to Southern Nevada. Once approved, the A’s could strike lucrative partnership deals linked to the new ballpark and their move to the area, just like the Raiders did in the past.
Hoffman highlighted the potential of sponsorship deals in Las Vegas, citing the strong opportunities offered by casinos. “Las Vegas doesn’t have traditionally the corporate Fortune 500 companies. But these casinos are wonderful partners for sponsorships,” he told Review-Journal. “They kind of work together collectively, showing off their dual entertainment options, casinos on one end and sports on the other.”
“When you compare it to Oakland, there weren’t really as many sponsorships,” the expert added. “A larger population, but not as many corporate sponsorship opportunities. I think they’ll do very well in Las Vegas.”
Original article: https://www.yogonet.com/international/news/2023/07/20/67977-oakland-athletics-39-planned-las-vegas-ballpark-likely-to-be-a-success-says-stadium-financing-expert
