Las Vegas Tourists Continue to Chip In for the Construction of Raiders Stadium
A fascinating investigation conducted by the website SportsBiz.com highlighted the sum that visitors to Las Vegas need to repay on Clark County's $750 million pledge of public funds, used to construct Allegiant Stadium for the Raiders. This financial responsibility is shouldered by tourists as well as locals on staycations, through a state-approved tax on hotel rooms.
SportzBiz.com's headline read "Way to Go, Las Vegas/Clark County: You're Nearly $1.2 Billion Away from Clearing Your Raiders Stadium Debt."
A 2016 state law enabled the $750 million to be acquired through government-issued bonds, making it the equivalent of a 30-year loan with an interest rate of 3.94%.
By the time the debt is fully repaid in 2048, the total expense to taxpayers will reach $1,354,215,804.
This figure is only $46 million less than Allegiant Stadium's total construction cost of $1.4 billion.
Numerous detractors maintain that taxes on hotel rooms should instead be used to upgrade Nevada's public education system, which was ranked 46th in the country in 2023 by the Guinn Center for Policy Priorities.
Unforeseen Financial Strain
During the COVID-19 pandemic, when tourism to Las Vegas decreased by 55%, hotel room taxes weren't sufficient to cover expenses. In November 2020 and May 2021, Clark County had to dip into its reserve funds to cover more than $32 million.
The Raiders also contributed $600 million of their own money to construct their NFL stadium.
Clark County won't be free of bond debts on stadiums in the near future, either. It has previously approved $380 million to assist billionaire John Fisher in building a $1.5 billion stadium for his Oakland Athletics baseball team.
This includes $120 million in Clark County bonds.
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Source: www.casino.org
