Last week, Athletics executive Sandy Dean revealed that team owner John Fisher and his family plan to invest $1 billion into the anticipated $1.5 billion A’s stadium on the Las Vegas Strip. Despite the bold claim, no funds have been disbursed yet.
Speaking to a special meeting of the Las Vegas Stadium Authority board, Dean detailed the financial commitments set to be presented at their next meeting on December 5. These include:
- A letter from John Fisher pledging a $1 billion investment from the Fisher family
- A letter from Goldman Sachs and US Bank committing $300 million for a construction loan
- A letter from US Bank verifying the Fisher family’s financial capabilities and SEC filings, confirming their ability to pay
- A letter from Athletics StadCo, an LLC managing the stadium’s private investment, affirming that the aforementioned commitments from financiers are adequate to proceed with the project
Final approvals are expected to be reached during this December meeting.
“We feel like these documents are on track for the schedule that we have been talking about for a number of months,” remarked Steve Hill, chair of the Stadium Authority and president and CEO of the Las Vegas Convention and Visitors Authority (LVCVA). “We feel like there’s a real possibility we’ll be able to reach a conclusion on all of them on December 5.”
According to the A’s, construction is slated to begin in the spring and be completed before the 2028 MLB season. The stadium will accommodate up to 33,000 spectators and be situated on the Las Vegas Strip, on land once occupied by the now-demolished Tropicana. Additionally, $380 million in public funding will contribute to the project’s financing. Bally’s Corp. has also announced plans to erect a casino resort adjacent to the stadium.
However, many industry analysts argue that these developments might be more illusion than reality. Jason Burke of Sports Illustrated wrote, “These feel more like stall tactics than steps forward. Nothing has actually happened yet, and when the letters are presented in December, nothing will happen then, either.”
Echoing similar doubts, Casino.org’s Vital Vegas stated, “The question all this keeps coming back to isn’t ‘Where can a billionaire find a billion dollars?’ but rather ‘Is the Fisher family ready to throw a billion dollars of its own money down a stadium hole?’”
Skeptics point to several potential pitfalls:
- The likelihood of overrunning the $1.5 billion estimate, a risk even acknowledged by the A’s
- Bally’s proposed hotel towers, which will face height restrictions due to their proximity to Harry Reid International Airport, consequently limiting revenue potential
- Doubts about Bally’s ability to finance a casino resort in the proposed location
- Concerns over whether the nine-acre site is sufficient for a baseball stadium
- The poor performance of the team, which drew an average of just 6,400 spectators per game in its last season in Oakland, raising doubts about filling a 33,000-capacity stadium
Dean also mentioned that Fisher is actively seeking external partners to buy stakes in the franchise. The New York Post reported that these stakes represent 25% of the team, valuing the franchise at an ambitious $2 billion, a 66% increase over its recent $1.2 billion valuation.
“John Fisher can have as many promises or pledges or ‘binding agreements’ as he wants,” Burke commented, “but given his track record, it’s incredibly difficult to take what they’re saying as completely truthful.”
