Kansas City Chiefs Eye New Stadium with Kansas Legislation Support
The Approval of New Kansas Legislation Opens up the Possibility of Sports Betting Revenue Funding Sports Stadium Construction
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The Kansas City Chiefs might soon be calling Kansas home, thanks to a recent move by the state. A new bill, HB 2001, signed by Governor Laura Kelly, allows sports betting revenue to fund sports facility construction.
This aims to attract big-name teams like the Chiefs and the Royals, who have shown interest. The legislation could majorly impact the local sports and online gambling scene.
HB 2001: A Game Changer for Kansas Sports
Betting news reports that Governor Laura Kelly’s recent signing of bill HB 2001 has opened the door for Kansas to potentially host major sports franchises.
The bill amends the Kansas STAR (Sales Tax and Revenue) bond program, allowing bonds to cover up to 70% of the total cost of constructing new stadiums. The repayment would come from future tax revenues generated by the stadiums and nearby retailers and sports betting and lottery revenues.
Representatives from the Kansas City Chiefs and the Royals have supported this initiative. The Chiefs stated, “We support their efforts to expand the existing program and congratulate them on passing the legislation in a special session. We look forward to exploring the options this legislation may provide.” The Royals echoed this sentiment, highlighting a shared interest in the potential move.
It took everyone united toward one goal to make it back to the Super Bowl.
And then to win it… once again 🏆
Watch now: https://t.co/XWFtRpEW55 pic.twitter.com/XBYzrPRyK8
— Kansas City Chiefs (@Chiefs) June 26, 2024
The revised STAR bond program allocates funding for up to two major professional sports complexes in Kansas. As a result, unlike other STAR bond projects capped at 50% funding, these sports complexes can receive up to 70% directly from STAR bonds.Developers would cover the remaining 30%.
How Much Would the New Stadiums Cost?
The estimated cost for a new Chiefs stadium complex exceeds $2.5 billion. In comparison, a new Royals complex is projected to cost over $1.5 billion. Future tax revenues from the stadium complexes would offset most of these expenses, with sports betting and lottery revenues contributing a smaller portion.
Discussions about funding a new Chiefs stadium and potential relocation have been ongoing for years. In 2022, rumors intensified when Kansas City Chiefs President Mark Donovan mentioned exploring all future options for the team, including relocating out of Missouri. Currently, Arrowhead Stadium’s lease in Missouri extends until 2033, but the recent rejection of a sales tax measure to fund major renovations has put all relocation options back on the table.
Chiefs and Royals’ futures are still up in the air, but in the meantime, fans can keep cheering them on and maybe even betting online while they wait for news.
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