Can you please clarify where the $750 million used to build the new Raiders stadium is coming from? People seem to think that Nevada taxpayers are footing the entire sum. It seems to me that I read that the bulk of the money is coming from a $1.50-per-night tax on hotel rooms in southern Nevada. Any truth to this and how much of the $750 million is expected to come from this hotel tax and how much from Nevada residents?
And at the bottom of the answer is your link to the new poll on the possible outcomes of the Wynn returning to free parking.
Of the total nearly $2 billion cost, $750 million is coming from the public purse, mainly taxes on out-of-towners: namely, an 0.88% increase in the hotel room tax.
So far, tax collection is running ahead of anticipation, $62 million in its first 14 months. It doesn't hurt that the public part of the stadium funding is being raised through room taxes at a time when Las Vegas is seeing near-record visitation. This is a phenomenon for which stadium backers could have hoped, but never assumed.
Due to the architecture of the financing, the stadium has a long time to pay for itself: The room-tax hike sunsets in 2048 (here's hoping the peripatetic Raiders are still playing there), while the team itself is chipping in $200 million, in the form of a loan from the NFL. In defense of the Raiders, who have been criticized for getting a cushy deal, they put $180 million into land acquisition and site preparation. They’ve also committed $850 million in equity toward construction costs.
On top of the $1.9 billion stadium, $100 million will go to constructing a team headquarters and training facility in Henderson. Additional expenses are also being sunk into offsite parking and a shuttle-transport system. There are also relatively minor costs, such as for on-site personnel, which ought to come out of the Raiders’ pocket.
The NFL will also have its hand out for a $385 million "location fee," which USA Today calls “the biggest boondoggle” in sports, “free money” for all the other teams. After all, if a team moves to a more valuable market (like Las Vegas), that increased value will come back to the league in the form of revenue sharing.
At least Clark County is getting something for its investment: a National Football League team and all the cachet that entails; a probable Super Bowl in the next five or so years; and a 65,000-seat stadium that's expected to host an event every week or two forever.
And here's your link to the new poll, which starts today, on the possible impacts that the Wynn's decision to rescind paid parking will have on the casinos that still charge to park.
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Oct-30-2019
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David
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Carey Rohrig
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Kevin Lewis
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gaattc2001
Oct-30-2019
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sassiebrat
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