Casino magnate Sheldon Adelson is calling on Las Vegas taxpayers to ante up, or they won’t be able to lure the Oakland Raiders into the Nevada desert.
The Las Vegas Sands boss recently tabled a proposal to build a 65,000-seat domed stadium for the National Football team. The catch? The plan calls for $750 million that will be raised through a tax on hotel stays, according to a Bloomberg report.
Under Adelson’s proposal, $750 million worth of municipal bonds will be sold, and the securities will be paid by a 0.9 percent tax—about $1.08 per night—on hotel rooms.
If this pushes through, Las Vegas’s domed stadium will have the “largest taxpayer subsidy in the history of sports stadiums,” beating out the Lucas Oil Stadium in Indianapolis, which currently holds the biggest stadium subsidy at $620 million.