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By Alan Snel/LVSportsBiz.com Publisher/Writer
The Las Vegas Stadium Authority, which oversees the Raiders’ Allegiant Stadium, is expecting to collect $59.2 million in hotel room tax revenues in fiscal year 2024 — the same amount of money it collected in 2023, or about $4.9 million a month.
The projected hotel room tax dollars were revealed in the stadium authority’s tentative budget for the upcoming fiscal year that is scheduled to be discussed at a stadium authority board meeting May 18.
The projected $59.2 million in hotel room fees will cover a debt service of $36 million during FY 2024.
The hotel room revenues are shaving off the public debt on the bonds. Southern Nevada’s debt on its share of the funding for Allegiant Stadium is now $636,390,000.
2023 is year five in the 30-year debt repayment schedule.
Some current budget nuggets:
^ UNLV will receive $1.8 million-$1.9 million because it generated only $3.1 million in football revenues at Allegiant Stadium in 2022. Under the state legislative bill that created the stadium, UNLV gets reimbursed for all football revenues less than $5 million because the university closed its old stadium, Sam Boyd Stadium.
^ Stadium authority operations are budgeted at about $2.5 million, which includes money to pay consultants like Las Vegas company Applied Analysis, accounting services, insurance costs and legal fees.
^ Clark County is the stadium authority’s fiscal agent and the budget is prepared in compliance with county standards.
Here’s the 2024 budget summary.