Raiders Stadium Update: Personal Seat License Revenue Nearly $480 Million; Roof Completion Is Mid-May
By Alan Snel of LVSportsBiz.com
Here’s the latest on the Raiders’ Allegiant Stadium, according to the staff report for this week’s stadium authority board meeting.
^ The stadium project budget remained unchanged at $1.97 billion.
^ The public stadium authority contributions currently stand at $484.2 million — 38.2 percent of total outlays
and 64.6 percent of the public’s $750 million maximum contribution.
^ The Raiders’ Personal Seat License (“PSL”) revenue accounts for $478.3 million. Remarkably, the PSL contributions are much more than 150 percent of the originally estimated value of $290 million. It reflects “better-than-expected performance of the stadium’s sales program,” according to the staff report.
^ Raiders credit facilities make up the remaining $342.4 million — 27 percent of project costs to date.
^ The stadium’s substantial completion is anticipated for July 31 with the stadium’s opening event expected to occur on Aug. 16, and project closeout is currently scheduled for Oct. 31.
^ The stadium authority’s board construction representative — Grand Canyon Development Partners — has said the “big-lift” was suspended pending resolution of challenges created as a result of overstressing the stadium’s structural members. In its current report, GCDP noted the stadium project team has revised its “big-lift” procedures to address these issues and that these changes have caused a delay in excess of 60 days, which pushed the roof completion to mid-May 2020.
The Raiders has further advised GCDP that the delay is due to the failure of bolts during the cable-net lift, but that the bolts have been tested and meet the design criteria as specified by the project’s structural engineers. That said, the compression ring will need to be repaired and have its integrity certified before cable-net lifting can resume. A new procedure is now being developed by the engineers and construction team, and the project schedule will be updated accordingly.
^ Grand Canyon Development Partners did note weather can pose a problem.
^ GCDP noted that the lower bowl precast installation was completed in eight days (two ahead of schedule); all four lanai doors have been installed as scheduled; support framing has been completed for the torch feature; interior bowl excavation is complete and the layout for under-slab drainage, grade beams, raids and slab on grade are now underway; the site area is receiving final grading and curbs, sidewalks and driveways are being installed; the scoreboard secondary steel and catwalks are being installed; seating rail installation is continuing on schedule; exterior enclosure work is progressing ahead of schedule; suites are being framed and are ready to receive drywall; field tray construction has commenced as planned and the press area is progressing, although slightly behind schedule.
^ GCDP believes the schedule can be met.
The stadium board meeting is Thursday at 1 p.m. at the Clark County government center in Las Vegas.
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