The NBA's expansion process for Las Vegas has narrowed to two competing ownership groups and a pair of potential arena sites on the north Strip, according to a person with knowledge of the situation. The league is moving closer to selecting an ownership group for a franchise expected to begin play in the 2028-29 season.
The remaining bidders are a group led by Walmart heiress Nancy Walton Laurie, her husband Bill Laurie, and Silver Lake co-CEO and Raiders minority owner Egon Durban; and a group featuring Golden Knights owner Bill Foley and former Phoenix Suns owner Jerry Colangelo. A third group including former Bucks co-owner Marc Lasry and Canadian billionaire Steve Apostolopoulos bid between $9 billion and $10 billion, below the $11.5 billion expected from the final two groups.
Both leading arena sites are located on the north Strip. One option is the more than 40 acres of developable land at Resorts World. The other is land across Las Vegas Boulevard bordering the Convention Center's West Hall, owned by a group including Fontainebleau developer Brett Torino and the Siegel Group. The winning group would spend $2 billion to $3 billion on construction, and both remaining bidders are open to either site.
The Las Vegas expansion fee is expected between $10 billion and $11.5 billion, driven higher by a less competitive Seattle process where a group led by Kraken majority owner Samantha Holloway is the only known serious contender at $6 billion to $7 billion. NBA owners want at least $18 billion total from the two expansion fees.
Investment firm PJT Partners is leading the process for the league, with a winning Las Vegas bid expected to be chosen before the end of the year. The NBA Board of Governors would then vote on formal approval at a December meeting. Raiders owner Mark Davis could still participate by providing land in West Henderson for the team's practice facility and headquarters.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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