Latest Raiders Stadium Project Budget Is $1.97 Billion, Including $1.4 Billion For Construction; The M In Henderson Named Raiders’ Official Team Headquarters Hotel
By Alan Snel of LVSportsBiz.com
How much does the new Raiders stadium in Las Vegas cost?
Well, it depends on how you define the scope of the stadium, which is now officially called Allegiant Stadium under a naming rights deal.
If you define the stadium cost as the entire stadium project including expenses like construction, design costs, fixtures and land acquisition, the grand total is $1.97 billion — or $30 million shy of $2 billion.
If you define the stadium cost as solely the actual construction of the 65,000-seat domed venue, it’s $1.4 billion or $1,405,418,284 to be exact.
The public subsidy for the stadium is $750 million, though remember that Southern Nevada will be raising more than $1 billion during the next 30 years in hotel room tax money to pay off the $750 million for the Raiders’ palatial stadium.
Here’s a look at the latest stadium budget numbers:
The latest budget will be part of the paperwork for Monday’s stadium board meeting. The hotel room tax revenues collected so far have been consistent with the projected room tax numbers.
It’s interesting the Raiders have increased the $1.97 billion stadium project by $170 million from an original $1.8 billion. The NFL team is adding more enhancements like suites, club areas, art architecture, tech and communications improvements, explaining the budget increase to nearly $2 billion.
Nearly $1.2 billion has been spent on the stadium project so far. The Raiders said the public contribution represents 38 percent and the team providing the remaining 62 percent. The Raiders say the construction will be completed July 31, 2020.
The Raiders expect to sell out their tickets by Thanksgiving and personal seat license revenues have soared above $350 million and the team is also adding major sponsors to the stadium.
Raiders President Marc Badain was at The M hotel-casino in Henderson at 4 p.m. to announce that The M is the official team headquarters hotel of the Raiders, which will be conveniently headquartered very close to The M. Here’s Badain on the right and General Manager Hussain Mahrous on the left.
LVSportsBiz.com also interviewed Henderson Mayor Debra March about the Raiders’ presence in her city:
Here are the founding partners at the Raiders’ Allegiant Stadium: Allegiant Air, America First Credit Union, Caesar Entertainment, Cox, Credit One Bank, Desert Ford Dealers, Reyes Coca-Cola Bottling, San Manuel Casino and Twitch. Stay tuned for more.
The stadium board is meeting Monday at 11:30 am at the Clark County government center.
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