Nevada lawmakers have started to show their hand when it comes to moving the Oakland Raiders to Las Vegas, but economists say the "Vegas gamble" would be a bad deal for taxpayers and that the plan is financially unrealistic.
Economists point to the many moving parts in the Nevada stadium proposal, and warn it is very likely the $750 million in public funds will turn into much more. The possibility of a higher price needed from public funds could be a huge deal breaker, which is good news for Raiders fans in the Bay Area.
Critics of the Nevada stadium proposal note the Raiders have not committed to Las Vegas, there is no lease agreement and numbers are based on tourists game attendance and special events at the proposed stadium.
Economists said the tourists will be the ones picking up the bill, which could exceed $1 billion.
Meanwhile, Oakland Mayor Libby Schaaf has repeatedly said no public funds would be used to keep the Raiders from leaving.
In a statement released Wednesday, the mayor said the Raiders bring immeasurable value to the community, and that local leaders will "continue to work to provide the Raiders and the other NFL owners a viable, responsible stadium option to consider in Oakland, regardless of Nevada lawmakers' decision."
