Raiders’ Personal Seat License Revenue To Fund Las Vegas Stadium Is More Than $350 Million
By Alan Snel
LVSportsBiz.com
The Raiders have piled up $352.3 million in personal seat license revenues toward building their $1.9 billion stadium project in Las Vegas.
Take a look at the stadium budget funding.
Meanwhile on the public dollars side, slightly more than $115 million has been raised from March 2017 through June 2019 in hotel room tax revenue in Southern Nevada as the public is giving $750 million to the Raiders for construction of the domed, 65,000-seat stadium that is scheduled to be ready by July 31, 2020.
Monthly hotel room tax revenue numbers have been up every month with the exception of one month from October 2018 through June 2019. Here’s the room tax revenue report provided at Monday’s Las Vegas Stadium Authority board meeting.
The Raiders also have made some $90 million worth of budget adjustments. Here they are:
The Raiders are drawing more money from club sales, personal seat licenses and sponsorship deals than expected, so the venue improvements and enhancements are being funded by the Raiders and not the public, Webb said.
In his stadium construction update, Raiders stadium pointman Don Webb said 65 percent of the venue has been built and there are 1,600 construction workers on site, which is on the west side of Interstate 15 across the interstate from Mandalay Bay hotel-casino.
The circumstance of the translucent roof is more than half a mile, Webb said.
He noted the number of cranes on site has dropped from 17 to four. “That’s a noticeable sign of progress,” Webb told the stadium board.
More than $1.1 billion has been spent on stadium construction, with 37 percent of the money coming from public coffers so far, he said.
More than a dozen sponsors have been signed up, such as Las Vegas-based Allegiant Air, which cut a deal to be the stadium naming rights partner..
Webb said he expects 25,000-30,000 fans to walk from the Strip across the Hacienda Avenue bridge spanning I-15 to reach the stadium. MGM Resorts International, Clark County and the Raiders are discussing ways to help the pedestrians reach the stadium from Las Vegas Boulevard.
The NFL team has also unveiled a plan of remote parking lots served by shuttles, but the Raiders continue to eye the Bali Hai Golf Course site as a site to park cars for the stadium.
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