FACT BRIEFDid Nevada use $750 million in tax dollars to help the Raiders relocate to Las Vegas?
YES
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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