Tax increase yields $4.6M for Vegas stadium in first month


Taxpayers contributed more than $4.6 million for an NFL stadium in Las Vegas in the first month that a new increase on area hotel taxes went into effect— ahead of projections for the state's share of the project.

The preliminary tax collection figures from March for the stadium that the Oakland Raiders want to call home were released Tuesday. The bulk of the money came from resorts and other lodging facilities in and around the Las Vegas Strip, where tourists are paying about $1.50 more per night on their hotel bill for an average-priced room.

"I think it validates the model in terms of what's necessary to service the debt for the stadium," said Steve Sisolak, commission chairman in Clark County, where the stadium is to be located. "It's nice to see money actually collected and start to put some money in the bank for the stadium."

The Nevada Legislature approved the tax hike last year to cover $750 million of the $1.9 billion project.

The board overseeing the proposed 65,000-seat domed stadium expects the tax hike to bring in $14.8 million by the end of June. That's $3.7 million a month. Next fiscal year, officials expect to bring in $49.9 million.

The board is expected to meet publicly Thursday to discuss progress on a stadium development agreement and a lease agreement.

The NFL approved the Raiders' relocation to Las Vegas last month. The team is already allowing fans to place refundable $100 deposits to secure personal seat licenses even though a site has not been picked for the stadium. Officials are eying land near the Las Vegas Strip with a goal of having the stadium ready for the 2020 season.

The Raiders and the NFL are expected to contribute $500 million to the stadium project. In addition, the team has said it has secured a $650 million loan from the Bank of America to cover the rest of the project's cost.

The team had to secure the loan after casino mogul Sheldon Adelson pulled his multimillion-dollar pledge for the project.

___

Follow Regina Garcia Cano on Twitter at https://twitter.com/reginagarciakNO / More of her work can be found at https://www.apnews.com/search/ReginaGarciaCano

___

For more NFL coverage: http://www.pro32.ap.org and http://www.twitter.com/AP_NFL


Reader Comments ...


Next Up in Nation & World

Former Disney star Orlando Brown arrested after family disturbance, police say
Former Disney star Orlando Brown arrested after family disturbance, police say

Former Disney Channel star Orlando Brown was recently arrested following what authorities say was a violent altercation at an apartment in California. The 30-year-old “That’s So Raven” actor was reportedly engaged in a dispute with his girlfriend and his girlfriend’s mother when an officer from the Barstow Police Department...
Service dog, Pluto have magical meeting at Walt Disney World
Service dog, Pluto have magical meeting at Walt Disney World

What happens when you meet your favorite Disney character for the first time? Check out what happened Friday night when Atlas, a service dog, saw Pluto for the very first time up close at Walt Disney World. With his friend recording, Julian Gavino took his Golden Retriever to meet Pluto Friday night at Epcot. Gavino told ABC News until this past...
John Coleman, The Weather Channel founder, dead at 83
John Coleman, The Weather Channel founder, dead at 83

John Coleman, who helped found and develop The Weather Channel, died Saturday at his home in Las Vegas. He was 83. Coleman, a longtime weatherman, innovated the position when he started at Good Morning America, according to the Washington Post.  Coleman started The Weather Channel in 1981 with Joseph D’Aleo. Coleman left the network...
Trump in Palm Beach: Anniversary goes on without president at Mar-a-Lago
Trump in Palm Beach: Anniversary goes on without president at Mar-a-Lago

Despite President Trump ending up not leaving Washington -- he decided to stay in the nation’s capital as the government shutdown began Friday night -- a party in honor of his first anniversary as president went on as planned Saturday night at his home in Palm Beach, Mar-a-Lago. Partygoers submitted a few Instagram images of the event...
Trump campaign ad calls Democrats 'complicit' in killings by undocumented immigrants
Trump campaign ad calls Democrats 'complicit' in killings by undocumented immigrants

A new ad released by President Donald Trump's campaign is claiming that Democrats are “complicit” in killings by undocumented immigrants. The ad was released after Senate Democrats opposed a short-term spending bill to keep the government from shutting down. “President Trump is right — build the wall, deport criminals...
More Stories