Cost of A’s Vegas Stadium Skyrockets to $2 Billion With No End in Sight
John Fisher, the owner of the Athletics, has now acknowledged what all informed insiders have known for the past two years: the cost of constructing a baseball stadium in Las Vegas by 2028 will exceed the $1.5 billion he mentioned in May 2023. Team owner John Fisher told The Nevada Independent this week that the cost, which was raised to $1.75 billion in March 2024, is now "up in the $2 billion range."
As the smallest Major League Baseball stadium, the 33,000-seat ballpark will accommodate almost half as many people, yet it is now more costly than the $1.9 billion Allegiant Stadium.
The A's are currently playing at a minor-league baseball facility in Sacramento, where Fisher spoke to the Independent during a home game. According to the Independent, the number of people who would have attended the game would have only filled one-third of the proposed Vegas stadium.
“The costs have gone up as more detail comes in,” Fisher said. “That’s fine.”
Fisher refused to say why it was OK. Or how the $1.35 billion shortfall would be paid for. or even how the $1.1 billion gap that was previously predicted will be paid for.
Only a $300 million construction loan from US Bank and Goldman Sachs, as well as $350 million in bonds issued by Clark County and the state, have been reported thus far.
Sandy Dean, the vice chairman of the A's, informed the Las Vegas Stadium Authority last December that the team would bear the higher expenses, as budget increases had long been anticipated.
Fisher has been actively looking for partnerships for the team and investors to buy at least $550 million in A's equity at what is thought to be an overinflated valuation of $2 billion, even though he has only stated that he is good for any shortfall. Fisher's personal wealth is estimated by Forbes to be $2.9 billion.
After over a year, no significant investors or partners have been revealed.
According to the Independent, Fisher is also attempting to sell his stake in the San Jose Earthquakes of Major League Soccer, although he stated that the money raised will not be used to build the stadium Las Vegas.
The A's and Clark County reached a performance agreement in May, which included the A's submitting a $3.7 million security bond. If the project's construction is halted for any reason, that bond would pay for possible decommissioning expenses (including materials removal and stabilizing the structure).
The cost of the new ballpark is also predicted to continue rising at a rate of $2 billion. The cost of stadium construction materials isn't going down, particularly because steel and aluminum are now subject to 50% tariffs.
If the A's stadium is ever constructed, it may be the most costly non-gaming building project in the history of Las Vegas. The $2.3 billion Sphere presently holds that questionable record; it has gone so far beyond its initial $1.2 billion budget that its owners are still struggling financially.
