Raiders Stadium Personal Seat License Revenue Soars To Nearly $400 Million For $1.97B Stadium Project In Las Vegas
By Alan Snel of LVSportsBiz.com
The Raiders hit the jackpot in personal seat license revenues for their Las Vegas football stadium by generating $399.3 million in the special seat licenses that fans must pay in order to buy season tickets to the NFL team’s games.
The team disclosed the PSL numbers at the public stadium board meeting held at the Clark County government building Monday. About 30 percent of the personal seat license buyers are outside Las Vegas.
The room tax money that is being collected in Southern Nevada to pay the $750 million public subsidy to the Raiders is running very close to initial projections. From March 2017 through Sept. 2019, $127,504,230 was collected in hotel room tax revenue — about $300,000 from the budgeted $127,834,347 for the same time period.
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The stadium is just west of the Las Vegas Strip on the west side of Interstate 15. The stadium itself will cost $1.4 billion as part of the overall $1.97 billion stadium project budget that includes land purchases and professional design fees.
Raiders game ticket sales will be also completed for the domed, 65,000-seat stadium in the next few weeks, Raiders President Marc Badain said.
Badain said event organizers are contacting the Raiders to stage events at the stadium.
And negotiations are going on to purchase land parcels that are in the stadium area to provide more parking, Badain said. The stadium site has a woefully low number of parking spaces and does not meet Clark County parking standards, but Badain did say the Raiders are trying to buy neighboring land to supply parking and tailgating opportunities.
The personal seat license buyers are out-of-town from Northern and Southern California, Utah, Arizona and other national locations, Badain said.
The Raiders’ point man on the stadium — Don Webb — played a video for the board and audience showing a time lapse of the stadium construction to the sound track of John Wick’s music that is also used to introduce the Vegas Golden Knights players before games at T-Mobile Arena.
“I think that’s known technically as “bad-ass” music,” Webb quipped after the video was played.
“Large areas of the building are actually finished off,” Webb said.
He said $3 million is being spent a day to complete the stadium project, which is scheduled to be completed July 31, 2020. The public is paying for 38 percent of the overall stadium project, but a much higher percentage if you consider only the $1.4 billion stadium itself.
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