Post-COVID Shutdown Of Las Vegas’ Hotels Means $19 Million Shortfall For Raiders Stadium Debt Service
By Alan Snel of LVSportsBiz.com
With the novel coronavirus pandemic shutting down Las Vegas’ vaunted hotels and hospitality industry in April and May, the public board overseeing the Raiders stadium construction absorbed some painful room tax revenue numbers Thursday afternoon.
The stadium board will have to dip into reserves to pay a $19 million shortfall for the debt service that will cover the public’s contribution of $750 million toward the overall $1.976 billion stadium project. That budget includes $1.4 billion for the actual construction of the 65,000-seat domed stadium, with the balance of the costs going for items like design and land acquisition. There is $68 million in reserves to pay for debt service shortfall issues. Nobody could predict the shortfall would come so early in the 30-year life of the bonds’ debt service.
It was no surprise that the hotel room tax revenues being raised to help pay off the stadium construction would be scarce, but it’s still to painful to see the year-to-year comparison in the bar graphs.
The Raiders’ stadium pointman, Don Webb, told the stadium board during the video conference meeting that the project is just about done. If you would like to see Webb’s video presentation, click here.
He showed a video that indicated the landscaping and parking lots were done on the 62.5 -acre site, and that just about all the digital signage has been installed. “The marquee is nearly done,” Webb said.
The stadium board meeting lasted about an hour.
The Raiders say the venue is scheduled to be ready by July 31, a mere 15 days away.
But when will fans be allowed inside the stadium for events?
Nobody knows that date.
The Raiders did move its retractable field-in-a-tray inside the stadium for the first time Wednesday. Check it out.
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