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Stadium Plan Face-Off
Stadium Plan Face-Off

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AIR DATE: May 31, 2013

GUESTS

Craig Cavileer, President of the Silverton Hotel and Casino and lead organizer for Majestic Realty on this project

BY MARIE ANDRUSEWICZ -- Majestic was unceremoniously dismissed from the UNLVNow stadium project, but that’s not stopping the firm’s representative Craig Cavileer from pushing an alternate plan, one that he says preserves the best of the original.

In pitching his modified version of the mega stadium, Cavileer emphasizes the functionality of the center for big ticket non-collegiate events, claiming that Las Vegas currently doesn’t have a venue for them, and is currently missing out.   

“Of the hundred events that we had planned for the stadium, only seven were UNLV. The balance of those were major league soccer to concerts to bowl games ... that sort of thing. The majority of the events were non-UNLV related anyway.”

Cavileer says his plan is also simpler in terms of financing and governance than the original plan for UNLV Now.

“We simply have a piece of real estate that we buy and we give to the state, deed it over to the state, we lease back the property through the stadium authority,” says Cavileer. “A very simple three-person stadium authority and we become the developer operator, and we split the profits 50-50.”

Cavileer’s plan faces opposition. Even though Majestic’s plan is cheaper -- $770 million, compared to the $800 of UNLVNow, getting funding requires the support of UNLV, and the legislature, support he has yet to secure.

 

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    COMMENTS:
    The "simple" thing would be for Majestic to buy land with their own money, build a stadium with their own money, and make a profit (or not) on their investment. Of course, taking that course of risking only their own money would require (and prove) that the stadium is a good, economically viable idea, which it is not. Hence, the state (taxpayers) are to be involved to in order subsidize a boondoggle that professional investors are obviously too scared to invest in!
    Tom HurstJun 2, 2013 04:20:31 AM
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