Room Tax Revenues for Raiders Stadium Hit $25 Million Through August

By ALAN SNEL

 

The public money from the hotel room fee increase that will ultimately pay for Nevada’s $750 million subsidy for the Raiders’ $1.8 billion stadium project hit nearly $25 million through August, according to numbers provided by the stadium authority’s consultant.

 

The consultant, Jeremy Aguero’s Applied Analysis of Las Vegas, said the preliminary room tax increase revenues for August was $3,554,161.

 

And when August’s $3.5 million is added to the hotel room revenues through July, you have $24,997,913 collected from March through August, said Brian Haynes of Applied Analysis.

 

 

“August is still preliminary (mostly Clark County revenue plus Boulder City), so the final number will rise by a couple hundred thousand or so once Las Vegas, Henderson and North Las Vegas are collected,” Haynes said in an email.

 

Those numbers would have been typically released this month at the October stadium board meeting, but the Las Vegas Stadium Authority’s session this month was cancelled.

 

The room tax increase money is being collected this year and will take a bite out of the $750 million that the stadium board will pay the Raiders for their domed, 65,000-seat stadium at Russell Road and Polaris Avenue on the west side of I-15. The stadium project is $1.8 billion and the Raiders training center is $100 million.

 

 

To give the Raiders $750 million for their stadium, the authority will actually have to raise about $1.2 billion over 30 years to pay back the more than $700 million that will be raised through the issuance of bonds in Clark County next year.

 

LVSportsBiz.com reported first last week that the Raiders stadium groundbreaking is slated for Nov. 13.

 

 

Contact LVSportsBiz.com founder/writer Alan Snel at asnel@LVSportsBiz.com