NFLowners approved the Oakland Raiders’ move to Las Vegasat the league meetings on Monday.
The vote was a foregone conclusion after the league and Raiders were not satisfied with Oakland’s proposals for a new stadium, and Las Vegas stepped up with $750 million in public money. Bank of America also is giving Raiders owner Mark Davis a $650 million loan, further helping convince the owners to allow the third team relocation in just over a year.
The Rams moved from St. Louis to Los Angeles in 2016, and in January the Chargers relocated from San Diego to LA. The Raiders likely will play two or three more years in the Bay Area before their $1.7 billion stadium near the Las Vegas strip is ready.
Las Vegas, long taboo to the NFL because of its legalized gambling, also is getting an NHL team this fall, the Golden Knights.
“I think it will enhance all trips to Vegas and drive more traffic,” said Jon Najarian of the Najarian Family Office. “And what better team to play in Vegas by the way?”
Buoyed by the news, casino stocks were up today following the vote. Najarian said in the last week he saw unusual bullish activity in stock options on Wynn, set to expire at the end of this week, meaning someone was likely betting on a catalyst that would lift casino stocks.
— CNBC’s John Melloy contributed to this report.