{"id":320721,"date":"2024-05-23T13:11:11","date_gmt":"2024-05-23T18:11:11","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=320721"},"modified":"2024-05-23T14:01:19","modified_gmt":"2024-05-23T19:01:19","slug":"vegas-visitors-still-have-a-fortune-to-pay-off-for-raiders-stadium-construction","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vegas-visitors-still-have-a-fortune-to-pay-off-for-raiders-stadium-construction\/","title":{"rendered":"Vegas Visitors Still Have a Fortune to Pay Off for Raiders Stadium Construction"},"content":{"rendered":"<p>Some enterprising reportage by the website <em>SportsBiz.com<\/em> recently identified the amount that visitors to Las Vegas have left to pay off on Clark County&#8217;s $750 million commitment of public funds to help build Allegiant Stadium for the Raiders. That debt is being shouldered by tourists, including locals taking staycations, through a state-approved hotel room tax.<\/p>\n<figure id=\"attachment_320722\" aria-describedby=\"caption-attachment-320722\" data-style=\"width: 1091px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-320722 \" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/allegiant-sitting-on-cash-858x616.jpg\" alt=\"\" width=\"1091\" height=\"783\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/allegiant-sitting-on-cash-858x616.jpg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/allegiant-sitting-on-cash-430x309.jpg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/allegiant-sitting-on-cash.jpg 1023w\" sizes=\"(max-width: 1091px) 100vw, 1091px\" \/><figcaption  id=\"caption-attachment-320722\"class=\"text-description\">AI renders Allegiant Stadium in Las Vegas sitting atop a giant stack of cash. (Image: ChatGPT)<\/figcaption><\/figure>\n<p><em>SportzBiz.com<\/em> headlined its article <a href=\"https:\/\/lvsportsbiz.com\/2024\/05\/17\/congrats-las-vegas-clark-county-youre-only-1178161041-from-paying-off-your-raiders-stadium-debt-remember-its-principal-and-interest\/\">\u201cCongrats, Las Vegas\/Clark County: You\u2019re Only $1,178,161,041 From Paying Off Your Raiders Stadium Debt<\/a>.\u201d<\/p>\n<p><strong>That\u2019s because a 2016 state bill authorized the $750 million to be raised by government-issued bonds. This is the equivalent of paying off a 30-year loan with an interest rate of 3.94%.<\/strong><\/p>\n<p>By the time the debt is paid off in 2048, the total bill to taxpayers will be $1,354,215,804<\/p>\n<figure id=\"attachment_320723\" aria-describedby=\"caption-attachment-320723\" data-style=\"width: 458px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-320723\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/graph.jpg\" alt=\"\" width=\"458\" height=\"596\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/graph.jpg 854w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/graph-430x559.jpg 430w\" sizes=\"(max-width: 458px) 100vw, 458px\" \/><figcaption  id=\"caption-attachment-320723\"class=\"text-description\">This schedule shows the amount that Las Vegas visitors will have paid, in principal and interest, every year from 2019 to 2048, for the construction of Allegiant Stadium. (Image: <em>SportsBiz.com<\/em>)<\/figcaption><\/figure>\n<p>That\u2019s only $46 million less than Allegiant Stadium\u2019s $1.4 billion construction budget.<\/p>\n<p>Many critics argue that hotel room taxes should instead go toward <a href=\"https:\/\/www.casino.org\/news\/teachers-strike-out-court-rejects-ballot-measure-to-undo-public-funding-for-las-vegas-as-ballpark\/\">improving Nevada\u2019s public education system,<\/a> which the Guinn Center for Policy Priorities ranked 46th in the nation in 2023.<\/p>\n<h2>Unexpected Shortfall<\/h2>\n<p>During the COVID-19 pandemic, when visitor volume to Las Vegas plummeted 55%, hotel room taxes alone didn\u2019t even cut it. In November 2020 and May 2021, Clark County had to tap into contingency funds to cover more than $32 million.<\/p>\n<p>The Raiders also contributed $600 million to construct their NFL stadium.<\/p>\n<p><strong>Clark County isn&#8217;t expected to be done paying off bond debts on stadiums anytime soon, either. It already <a href=\"https:\/\/www.casino.org\/news\/las-vegas-as-stadium-bill-passes-nevada-senate-goes-to-assembly\/\">approved $380 million<\/a> toward helping billionaire John Fisher build a new $1.5 billion stadium for his Oakland Athletics baseball team.<\/strong><\/p>\n<p>That includes $120 million in Clark County bonds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some enterprising reportage by the website SportsBiz.com recently identified the amount that visitors to Las Vegas have left to pay off on Clark County&#8217;s $750 million commitment of public funds to help build Allegiant Stadium for the Raiders. That debt is being shouldered by tourists, including locals taking staycations, through a state-approved hotel room tax. [&hellip;]<\/p>\n","protected":false},"author":78,"featured_media":320722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81886,82961],"tags":[82655,90660,23,82012,86441,82405],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vegas Visitors Still Have a Fortune to Pay Off for Raiders Stadium Construction - Casino.org<\/title>\n<meta name=\"description\" content=\"Some enterprising reportage by the website SportsBiz.com recently identified the amount that visitors to Las Vegas have left to pay off on Clark County&#039;s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/vegas-visitors-still-have-a-fortune-to-pay-off-for-raiders-stadium-construction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vegas Visitors Still Have a Fortune to Pay Off for Raiders Stadium Construction - 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He currently covers gaming news on the US West Coast, including Las Vegas. Corey spent six years covering the Vegas Strip for the Las Vegas Review-Journal, where he also wrote the most popular humor column in the city\u2019s history. (For \u201cFear and Loafing,\u201d he tried out 176 Vegas jobs, including poker player, blackjack dealer and Follie Bergere dancer.) Corey has won more than 100 local, state and national awards for his journalism, which has also appeared in Rolling Stone, New York Magazine and the New York Post. Corey is a New York native whose hobbies include playing guitar, trying to be a better husband, and arguing with strangers on Facebook. 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