Regents hear details on proposed UNLV ‘mega-events center’

A new domed football stadium on UNLV’s campus could be finished in five years, cost as much as $500 million and seat up to 60,000 people, according to a briefing given to higher education leaders Thursday.

"That should take your breath away," UNLV President Neal Smatresk said of the potential $450 million to $500 million cost.

He and Craig Cavileer, president of the Silverton and an executive with developer Majestic Realty, briefed the higher education system’s governing Board of Regents on the project.

The entire project, initially proposed in February 2011, would include the stadium, a renovation of the Thomas & Mack Center, thousands of units of on-campus housing and retail space on the 332-acre campus.

The first phase would be the stadium, which was originally proposed for the Thomas & Mack parking lot. UNLV’s football team plays in Sam Boyd Stadium, which is 40 years old and is across town. It seats about 36,000.

Cavileer said it made more sense to build the new stadium on the west end of campus, near Harmon Avenue and Swenson Street, where many practice fields and maintenance buildings now sit. Those would have to be relocated.

Smatresk said financing for the project would come from three principal areas: a special taxing district, private donors, and revenue generated by the stadium and retail outlets.

The tax district, which would have to be created by the Legislature, would allow the university to keep any taxes generated on the property itself. It would not raise tax rates or create any new taxes.

Smatresk said he already has received substantial interest from potential private supporters.

"A number of prominent entities in our region have stepped forward to offer support," Smatresk said, but he did not name any of them.

He said the Thomas & Mack, with about 18,000 seats, is a "cash cow" for the region. He said the new stadium, which he repeatedly referred to as a "mega-events center," would at least double the $250 million annual impact the Thomas & Mack has on the region.

Chancellor Dan Klaich made an open plea to other officials to back the project, calling it a clear benefit to the city of Las Vegas, the region and the state.

The tax district, he said, was "about the least you could expect."

Cavileer said that if all goes well, ground could be broken on the stadium at the end of next year. It should take about three more years to complete it. Construction of the retail and housing would follow.

He said the original concept of a flexible stadium has been abandoned. Instead, a traditional covered stadium seating 50,000 to 60,000 is being designed. Cavileer said it would be built to accommodate a professional soccer team, though there is not any agreement with a team right now.

When asked whether he was seeking partnerships with only private entities or with government agencies as well, he said he wanted to keep all options open. He said partners were essential to getting the project built.

"It can’t just be the university and Majestic," Cavileer said.

Contact reporter Richard Lake at rlake@reviewjournal.com or 702-383-0307.