According to Sunday’s Las Vegas Review Journal you may want to “hold off on buying season tickets for the phantom NBA team that Las Vegas Mayor Oscar Goodman is busy courting.”
Billions of dollars in Las Vegas construction projects have been halted because of bank financing problems and the poor economy. Right now there are TWO proposed construction projects involving an NBA arena in Las Vegas. Both have yet to break ground.
The first is a total Ponzi scheme. It will never be built. That proposed arena would theoretically be built downtown. The contractor announced the arena a couple of years ago but has not built one inch of the project. They simply don’t have the money. REI Neon has asked the Las Vegas city council for multiple extensions on its proposal.
The more viable NBA arena proposal would put the facilility behind Bally’s on the Las Vegas strip. Harrah’s (a legitimate major casino group) has already announced it is pairing with stadium builder AEG on the project. Bank lending policies in the wake of the subprime crisis have already halted the construction of several casino projects. Harrah’s claims they still have access to the cash for the arena. However, construction on the facility was supposed to start this month.
So far, all is quiet in Vegas. There is no construction going on at Harrah’s with none in sight.