Happy Thanksgiving from GGB; Newsletter Returns December 4

Downtown Vegas Arena: Undone Deal

A plan by the Cordish Companies to build a $390 million, 20,000-seat indoor arena in Downtown Las Vegas has been yanked off the drawing board, replaced by a soccer stadium (l.). But the Baltimore developer hasn’t given up on Sin City.

The Cordish Companies of Baltimore has officially ditched its plan to build a 20,000-seat, 0 million enclosed sports arena in Downtown Las Vegas. Cordish first proposed the arena in 2011, and has already received .35 million in city funds to develop it. In January the company asked for four more months to come up with a financial plan. One proposal included a special tax on downtown businesses to raise million in public funding. Opposition from Downtown businesses put the kibosh on that plan.

The company is now talking about a $300 million, 24,000-seat open-air soccer stadium, reports the Las Vegas Review-Journal. The development would also include an entertainment zone. Cordish would partner with Findlay Sports & Entertainment, a new company formed by Justin Findlay. The two companies would jointly own the team, sign a long-term lease with the stadium and be responsible for raising the funds, the Review-Journal reported. Findlay Sports and Entertainment would manage the team. The City of Las Vegas would own the stadium.

If the new contract is approved, the city would pay another $250,000 to Cordish for planning costs. That’s raised the ire of Councilman Bob Beers, who said at the end of the four-year contract with Cordish, there is no arena and city taxpayers are “coughing up about half a million dollars a month in interest on the debt for Symphony Park.”

“You got the best of us,” said Beers. “Thanks, civic partner.”