Thursday, Apr. 27, 2023
Did Nevada use $750 million in tax dollars to help the Raiders relocate to Las Vegas?
In October 2016, the Nevada Legislature approved $750 million to help fund the construction of a stadium in Las Vegas that would act as the Raiders’ new home field. Additional funding came from Las Vegas Sands Corp. CEO Sheldon Adelson, who contributed $650 million, and the Raiders themselves, which contributed $500 million.
The government funds were generated from a 0.88% increase in the “room tax,” charged to those who pay for transient lodging: hotels and other tourist accommodations, but also weekly rentals largely used by low-income residents.
At the time, it was the largest public contribution to a stadium in history. Last month, New York topped it, committing $850 million to build a new stadium for the Bills.
Sports stadiums are typically a net cost economically but may be viewed as a cultural investment.
The Oakland A’s are currently seeking $500 million from Nevada to relocate their stadium to Las Vegas. Negotiations are ongoing.
This fact brief is responsive to conversations such as this one.
Sources
- Reno Gazette Journal Raiders stadium deal passes Legislature, Sandoval to sign on Monday
- New York Times When No Landlord Will Rent to You, Where Do You Go?
- AP News Bills’ new stadium deal carries $850M taxpayer tab, gov says
- Nevada Independent Potential deal for A’s relocation to Las Vegas could rely on $500 million in public financing
- Global Sport Matters So, Your City Wants to Build a Sports Stadium?
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