Last week, Athletics executive Sandy Dean announced that team owner John Fisher and his family are set to invest $1 billion toward the $1.5 billion Las Vegas stadium project on the Strip. Despite the claim, no funds have actually been transferred yet.

In an update to the Las Vegas Stadium Authority board, Dean outlined that four letters would be presented at the board’s next meeting on December 5:

1. A letter from Fisher himself, pledging a $1 billion investment by his family
2. A commitment letter from Goldman Sachs and US Bank for a $300 million construction loan
3. A letter from US Bank verifying that Fisher’s financials, including SEC filings, confirm his capacity to pay
4. A statement from Athletics StadCo, an LLC formed to oversee the stadium’s private funding, asserting that these letters provide sufficient financial backing to proceed

The board anticipates final approvals at this meeting.

“These documents seem on track with our timeline,” said Steve Hill, chair of the Stadium Authority and CEO of the Las Vegas Convention and Visitors Authority (LVCVA). “There’s a strong possibility we’ll reach a conclusion on December 5.”

The A’s have projected construction to begin this spring, targeting completion before the 2028 MLB season. Public funding up to $380 million will support the 33,000-seat stadium, to be built on the Las Vegas Strip on the site of the recently demolished Tropicana. Bally’s Corp. has also announced plans for a nearby casino resort.

However, many observers remain skeptical about the project’s progress.

Stalling or Moving Forward?

“These seem more like stall tactics than real progress,” wrote Jason Burke of Sports Illustrated.

Vital Vegas on Casino.org added, “This boils down to whether the Fisher family is truly ready to commit $1 billion of its own money to the stadium.”

Analysts highlight that Fisher’s personal investment in the project is highly risky. Some major red flags include:

1. Project costs will likely exceed the $1.5 billion estimate, as the A’s themselves have admitted.
2. Height restrictions near Harry Reid International Airport limit Bally’s hotel revenue potential.
3. Bally’s may lack the capital to fund its casino resort.
4. A nine-acre plot may be insufficient for a baseball stadium.
5. With an average of only 6,400 fans per game in their final Oakland season, the A’s may struggle to fill a 33,000-seat stadium.

Dean also mentioned that Fisher is still seeking outside investors for a minority share in the team. Last week, The New York Post reported that Fisher is offering 25% of the franchise at a $2 billion valuation—a sharp increase over the recent $1.2 billion estimate.

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