Kansas Governor, Laura Kelly, signed House Bill 2001 that would permit the state to issue bonds that would help fund a new football stadium and ballpark as an enticement to woo the Chiefs and Royals from neighboring Missouri.
Let’s take a closer look at the bill’s intentions and how it may impact top-rated sportsbooks in the region.
Border Wars
In April, Jackson County, Missouri voters voted against extending a 3/8th of a cent sales tax to fund roughly half of a new stadium for the Royals and cover approximately $500 million of the $800 million in renovations at the Chiefs’ Arrowhead Stadium. That did not please the owners of either team nor has the state legislature been able to approve mobile sports betting that would provide a new revenue stream for all professional teams in Missouri.
Neighboring Kansas launched mobile sports betting in September 2022 and Governor Laura Kelly just signed a Sales Tax and Revenue (STAR) bond bill late last week that would cover 70% of a sparkling new football stadium for the Chiefs and a state-of-the-art ballpark for the Royals. Those are two big advantages to crossing the border and moving less than 20 minutes away.
“We know that modernizing our economic development tools provides the opportunity to increase private investment into the state,” Governor Kelly said. “By modifying the STAR Bonds program, one of our strongest economic development mechanisms, lawmakers crafted a viable option for attracting professional sports teams to Kansas.”
The old bill would have covered 50% of the expenses of dueling sports facilities but the new bill ups the ante to 70% of the estimated $2 billion for the football stadium and $1.5 billion for the baseball venue.
It is a notable incentive for both franchises to pack up and move a short distance to a state that is welcoming them with open arms and pocketbooks while still maintaining their respective fanbases, something unheard of when a franchise normally relocates hundreds or thousands of miles away.
Chiefs Owner Noncommittal
The Chiefs were ready to renovate Arrowhead Stadium until the Jackson County voters said no to extending the tax that would have funded much of those improvements. Now, the team is in a bit of a holding pattern, yet the Chiefs’ CEO, Clark Hunt, understands he may now have to broaden his horizons regarding a new facility.
“I do feel very much a sense of urgency, and we will approach it from a broader perspective going forward because time is short for us at this point. So, we need to see what other options are out there for us,” Chiefs CEO Clark Hunt said back in April. “I really can’t speculate on how any of that is going to turn out.
Now that this legislation has been signed in neighboring Kansas, it could spark negotiations with both the Chiefs and the Royals. The site of the new stadiums is rumored to be in Wyandotte County where the Legends and Kansas Speedway are located.
Manica Architecture has designed several stadiums across the nation and provided drawings of a stadium to Kansas lawmakers.
“The design offers Kansas City (Kansas) the potential for an incredible new home for the Chiefs – and a modern stadium that brings Kansas City new opportunities to host a Super Bowl, NCAA Final Fours Championships, and a wider variety of concerts and family shows than ever before,” David Manica, president and founder of Manica Architecture, said in a statement.
